Stock Track | Intellia Therapeutics Plummets 8.58% Intraday on $150 Million Public Offering Announcement

Stock Track04:05

Intellia Therapeutics' stock plummeted 8.58% during intraday trading on Monday, as investors reacted to the company's announcement of a proposed public offering of common stock.

The gene-editing biopharmaceutical company announced it has commenced an underwritten public offering of $150 million of its common stock. Intellia also intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares offered. All shares in the proposed offering are to be sold by Intellia, with Jefferies, Goldman Sachs & Co. LLC and Citigroup acting as joint book-running managers.

Public offerings typically lead to stock price declines due to dilution concerns, as the issuance of new shares reduces the ownership percentage of existing shareholders. The announcement came after the company reported positive Phase 3 trial results for its lonvo-z treatment for hereditary angioedema earlier in the day, suggesting investors may be taking profits amid the dilution news.

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