Shares of Travere Therapeutics, Inc. (NASDAQ: TVTX) plummeted as much as 11.69% in pre-market trading on Wednesday, October 31, 2024, after the biopharmaceutical company announced a potential $100 million common stock offering.
The stock sell-off came despite Travere reporting solid third-quarter 2024 financial results earlier in the day. The company's quarterly earnings per share of -$0.70 met analysts' consensus estimates, while revenue of $62.9 million beat expectations of $59.7 million, driven by a 69.56% year-over-year increase.
However, investors appeared to be more focused on the company's plans to raise additional capital through a stock sale. Issuing new shares typically dilutes the ownership stake of existing shareholders, which can put downward pressure on the stock price in the near term.
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