Abeona Shares Higher After Pricing Stock Offering -- Biotech Movers

The clinical-stage biopharmaceutical firm said Oct. 16 it has priced an underwritten public offering of five million shares at $16 apiece.
Stocks quotes in this article: ABEO, ARDX, INSY

Shares of Abeona Therapeutics Inc. (ABEO) rose 1.8% to $17 in premarket trading on Tuesday, Oct. 17, after the company priced an underwritten public offering of five million shares at $16 apiece, which would generate gross proceeds of $80 million. Abeona has also given underwriters a 30-day option to buy up to an additional 750,000 shares.

Abeona said it plans to use the net proceeds for working capital and corporate purposes.

Meanwhile, shares of Ardelyx Inc. (ARDX) were up 4.6% to $6.70 after closing at $6.40 on Monday, down 12%.

The Fremont, Calif.-based firm on Monday morning said data from preclinical studies have shown that "tenapanor works to reduce abdominal pain caused by irritable bowel syndrome with constipation (IBS-C) through the inhibition of TRPV-1 dependent signaling."

Among the other biotech stock movers was Insys Therapeutics Inc. (INSY) , up 3.8% to $7.70.

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TAGS: Investing | U.S. Equity | Healthcare | Drug Approvals | Stocks

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