Why Centessa Pharmaceuticals Stock Crushed the Market Today

U.K.-headquartered biotech Centessa Pharmaceuticals (NASDAQ: CNTA) is drawing from the investor well for new financing, and the market is clearly pleased with the effort. On Wednesday, shares of the clinical-stage company surged 18% higher, obliterating the marginal (less than 0.1%) rise of the bellwether S&P 500 (SNPINDEX: ^GSPC). After market close, Centessa announced the pricing on an upcoming secondary issue of its American Depositary Shares (ADSes). Just under 11.63 million of these securities will be sold in an underwritten public offering priced at $21.50 apiece. The resulting gross proceeds should amount to roughly $250 million. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool