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Investing.com -- Apogee Therapeutics (NASDAQ:APGE) stock fell 10% on Wednesday following the company’s announcement of a proposed underwritten public offering of its common stock.
The clinical-stage biotechnology company, which focuses on developing novel biologics for inflammatory and immunology markets, said it plans to offer shares of its common stock or pre-funded warrants to purchase shares for certain investors who prefer that option. Apogee also intends to grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions.
The company noted that all securities in the proposed offering would be sold by Apogee itself. However, the biotechnology firm cautioned that the offering remains subject to market and other conditions, with no guarantees regarding its completion, size, or terms.
Apogee Therapeutics is working to develop biologics with potential best-in-class profiles for inflammatory and immunology conditions. The stock’s decline reflects typical market reaction to potential dilution from new share issuances, which can reduce the value of existing shareholders’ stakes.
The company trades on the Nasdaq under the ticker APGE.
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