Shares of Travere Therapeutics, Inc. (TVTX) plummeted nearly 8% on Thursday, November 8th, after the biopharmaceutical company announced the pricing of a public offering of common stock that could dilute existing shareholders.
On Wednesday evening, November 7th, Travere Therapeutics revealed that it had priced an underwritten public offering of approximately 7.81 million shares of its common stock at $16 per share. The offering is expected to raise gross proceeds of $125 million for the company.
The news of the share issuance was met with a significant sell-off, as investors anticipated a dilutive impact on the company's outstanding shares. Travere Therapeutics' stock opened at $17.25 on November 8th but quickly shed nearly 8% of its value, closing the trading session at $15.88.
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