Why Protagonist Therapeutics Shares Are Nosediving

Protagonist Therapeutics Inc PTGX shares are trading lower by 9.68% to $19.46 Wednesday morning after the company announced pricing of a $100 million public offering of shares of common stock.

What Else?

The underwritten public offering is for 5 million shares of its common stock at a public offering price of $20.00 per share.

The offering is expected to close on or about April 10, 2023, subject to customary closing conditions.

See Also: What's Going On With Aurinia Pharmaceuticals Stock Wednesday?

Protagonist intends to use the net proceeds from this offering to fund continued clinical development and pre-commercialization activities associated with rusfertide and for working capital and general corporate purposes.

According to data from Benzinga Pro, PTGX has a 52-week high of $25.76 and a 52-week low of $6.91.