Why Prothena Shares Are Trading Lower

Prothena Corporation PLC PRTA shares are trading lower by 6.53% to $59.10 during Wednesday morning. The company announced that it has commenced an underwritten public offering of 3,000,000 of its ordinary shares.

What Else?

All of the ordinary shares in the offering will be sold by Prothena. In addition, the company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of ordinary shares sold.

Prothena says the offering is subject to market conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actual size or terms of the offering.

See Also: Why Delta Airlines Stock Is Flying High Today: 'Demand For Air Travel Remains Robust'

According to data from Benzinga Pro, Prothena has a 52-week high of $66.47 and a 52-week low of $21.06.