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31.05.2019 20:31:00

Here's Why Myovant Sciences Jumped Today

Shares of Myovant Sciences (NYSE: MYOV) rose as much as 12.6% today after the company reported the pricing of a public stock offering announced the previous day. While shares were clobbered when the clinical-stage pharma company initially reported the dilutive fundraising efforts, the pricing announcement today provides a bit of good news. Specifically, the company says it now expects to raise $125 million in gross proceeds, up from $120 million previously. That suggests Myovant Sciences was able to issue shares at a higher price than previously expected, which hints that there was healthy appetite for the company's shares. The news could get better still. As is customary during public stock offerings, the company has allocated an additional batch of shares, which could now raise $15.6 million in additional gross proceeds instead of the previously expected $15 million.As of 2:08 p.m. EDT, the stock had settled to a 9.1% gain.Continue reading
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