Stock Track | Akebia Therapeutics Plunges 20.77% After-Hours on Proposed Public Offering Announcement

Stock Track03-19

Shares of Akebia Therapeutics (NASDAQ: AKBA) tumbled 20.77% in after-hours trading on Wednesday following the company's announcement of a proposed public offering of common stock. The biopharmaceutical firm, focused on developing treatments for kidney disease, saw its stock price react sharply to the news of potential share dilution.

Akebia Therapeutics revealed that it has commenced an underwritten public offering, with all shares being offered by the company. While the size and terms of the offering were not disclosed, Akebia stated its intention to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold in the offering. Leerink Partners and Piper Sandler & Co. are acting as joint bookrunning managers for the offering.

The announcement of a public offering often leads to a decrease in share price due to the potential dilution of existing shareholders' stakes. Investors typically react negatively to such news, as it can reduce the value of their current holdings. Akebia plans to use a shelf registration statement filed with the SEC in September 2024 for this offering, suggesting the company had been preparing for this capital raise. The funds raised could potentially be used to support Akebia's ongoing research and development efforts in the kidney disease space, though specific use of proceeds was not mentioned in the announcement.

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