Adaptimmune’s stock tumbles after plans for public stock offering

Shares of Adaptimmune Therapeutics PLC
ADAP,
-1.88%
tumbled 11% in premarket trading Monday, after the biopharmaceutical company focused on cancer treatments said it planned a public offering of 12.5 million shares. That represents about 9.6% of the shares outstanding. The company also plans to grant the underwriters of the offering options to buy additional shares to cover overallotments. Cowen and SVB Leerink are the joint book-running managers. The stock has more than tripled (up 206%) over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF
IBB,
-0.96%
has rallied 18.3% and the S&P 500
SPX,
-0.13%
has gained 3.1%.

View more information: https://www.marketwatch.com/story/adaptimmunes-stock-tumbles-after-plans-for-public-stock-offering-2020-06-01

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