Why 89bio Stock Lagged the Market Today

89bio (NASDAQ: ETNB) couldn't quite keep pace with the broader stock market on Tuesday. Investors were hesitant to buy shares of the clinical-stage biotech, following news that it was floating a new stock issue. The company traded sideways during the session, on a day when the S&P 500 index rose by nearly 1%.Just after market close on Monday, 89bio divulged that it intends to raise as much as $287.5 million from a secondary stock issue. It will do so in an underwritten public offering of $250 million worth of its common stock, plus it aims to grant those underwriters a 30-day option to collectively purchase an additional $37.5 million. The underwriting syndicate is led by Goldman Sachs, Bank of America Securities, and Leerink Partners.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool