ChemoCentryx stock pops after it determines not to proceed with a public offering
ChemoCentryx Inc (NASDAQ:CCXI) shares soared Friday in premarket trade after the biotech announced that it will not conclude an offering of shares of its common stock as announced on Wednesday.
The lightening reversal came as the company felt that a public offering at the this time was not in the best interests of its stockholders.
Investors sent shares of ChemoCentryx up 16.6% to $12.61 to celebrate the change in decision.
ChemoCentryx shares closed 18.04% down Thursday following an announcement that the biotech has commenced a public offering of $75 million worth of common stock.
The Mountain View, California-based clinical-stage biopharmaceutical company develops new medications for inflammatory and autoimmune diseases, and cancer.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/205987/chemocentryx-stock-pops-after-it-determines-not-to-proceed-with-a-public-offering-205987.html
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