Stock Track | Akebia Therapeutics Plummets 24.65% Pre-market on $50 Million Discounted Share Offering

Stock Track03-20

Akebia Therapeutics (NASDAQ: AKBA) saw its stock price plunge 24.65% in pre-market trading on Thursday, following the announcement of a significant public offering of common stock. The biopharmaceutical company, which focuses on developing treatments for kidney disease, priced its underwritten public offering at a substantial discount, triggering concerns about share dilution among investors.

The company revealed that it has priced a public offering of 25 million shares at $2.00 per share, aiming to raise approximately $50 million in gross proceeds. This offering price represents a considerable discount to the stock's previous closing price, which likely contributed to the steep decline in share value. Additionally, Akebia has granted underwriters a 30-day option to purchase up to 3.8 million additional shares at the offering price, potentially further diluting existing shareholders.

While the capital raised through this offering could provide Akebia with necessary funds to advance its kidney disease-focused pipeline and support ongoing operations, the immediate market reaction reflects investors' concerns about the dilution of their ownership stakes. The company expects the offering to close on March 21, subject to customary closing conditions. As the market digests this news, investors will be closely watching how Akebia utilizes the newly raised capital to drive growth and potentially improve its market position in the competitive biopharmaceutical sector.

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