Why Revolution Medicines Stock Is Trading Lower

Revolution Medicines Inc RVMD shares are trading lower by 8.77% to $24.18 Thursday morning after the company announced a $300 million offering of common stock.

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What Else?

In addition, Revolution Medicines intends to grant the underwriters a 30-day option to purchase up to an additional $45 million of shares of common stock.

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

According to data from Benzinga Pro, RVMD has a 52-week high of $31.37 and a 52-week low of $14.08.