Why Prometheus Biosciences Stock Is Falling

Prometheus Biosciences Inc RXDX shares are trading lower by 6.01% to $110.16 going into the close of Friday's session after the company priced a public upsized $500 million offering.

Prometheus intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments to fund the development of PRA023, PRA052 and its other research and development programs and for working capital and general corporate purposes.

The offering is expected to close on or about December 13, subject to the satisfaction of customary closing conditions.

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According to data from Benzinga Pro, RXDX has a 52-week high of $117.73 and a 52-week low of $21.50.