Why Nektar Therapeutics Stock Dived by 3% Today
Nektar Therapeutics (NASDAQ: NKTR) saw its stock price erode on Thursday, following the company's closing of a secondary stock issue. Investors gave the company a thumbs-down on the news by selling out of its shares, leaving it with a 3% loss at the close of trading. Meanwhile, the benchmark S 500 index ticked up on the day, rising by 0.8%.
Just after market hours on Wednesday, Nektar announced that it completed that new share flotation. The clinical-stage biotech sold slightly more than 4.89 million shares of its common stock. Within that number were 638,298 that were sold to the underwriters of the issue. Collectively, those entities fully exercised their option to buy Nektar stock.
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Source Fool.com
