Here's something you might be interested in.
Biotech MediciNova plummeted 25.28% today to $2.66, even though it was a good day for the market and pharmaceuticals. On Wednesday, the stock closed at $3.56. But the company announced a public offering of 2.75 million securities priced at $3 a share, consisting of one share of common stock and one five-year warrant to buy a share at $3.56. Obviously, the market didn't like that pricing, and today (Thursday, March 24) the stock got clobbered.
Biotech MediciNova plummeted 25.28% today to $2.66, even though it was a good day for the market and pharmaceuticals. On Wednesday, the stock closed at $3.56. But the company announced a public offering of 2.75 million securities priced at $3 a share, consisting of one share of common stock and one five-year warrant to buy a share at $3.56. Obviously, the market didn't like that pricing, and today (Thursday, March 24) the stock got clobbered.