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Dyne Therapeutics, Inc. DYN shares fell in after-hours trading Tuesday after the clinical-stage biotechnology company priced an upsized underwritten public offering of common stock.
Shares of Dyne Therapeutics closed Tuesday’s regular session up 1.62% at $23.83 before falling 10.62% to $21.30 in after-hours trading.
Dyne Therapeutics develops therapies for genetically driven neuromuscular diseases, with clinical programs targeting Duchenne muscular dystrophy and myotonic dystrophy type 1.
Offering Details
Dyne priced an upsized underwritten public offering of 18.3 million shares of common stock at $20.50 per share.
The company expects gross proceeds of approximately $375.2 million before deducting underwriting discounts, commissions and other offering expenses. The offering is expected to close on or about July 23, subject to customary closing conditions.
Dyne also granted the underwriters a 30-day option to purchase up to an additional 2.745 million shares at the public offering price, less underwriting discounts and commissions.
Morgan Stanley , Jefferies Financial Group Inc. and Evercore ISI are serving as joint book-running managers for the offering, while LifeSci Capital and Raymond James Financial Inc. are also acting as joint book-running managers. Jones is serving as lead manager. The offering is being made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Dyne Therapeutics has a market capitalization of approximately $3.94 billion, with a 52-week high of $25.00 and a 52-week low of $8.88. Over the past 12 months, DYN shares have gained approximately 158.74%.Trading Metrics
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This article Dyne Therapeutics Stock Tumbles After Hours: Here's Why originally appeared on Benzinga.com.
