Cytokinetics Shares Drop 17% After Public Offering Prices

Dow Jones05-23

By Chris Wack

Cytokinetics shares were down 17% at $49.06 after the company priced an underwritten public offering of 9.8 million shares at $51 a share.

The stock is up 25% in the past 12 months.

The proceeds to Cytokinetics from the offering are expected to be $500 million.

The offering is expected to close Friday.

The company has granted the underwriters a 30-day option to buy up to an additional 1.5 million shares at the public offering price, less underwriting discounts and commissions.

All of the shares in the offering will be sold by Cytokinetics.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 23, 2024 10:32 ET (14:32 GMT)

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