Shares of BioXcel Therapeutics tumbled after the company launched an underwritten public offering of $60 million in shares.
The stock was down 42% at $2.19 in aftermarket trading. When the market closed Thursday, shares had gained 27% year-to-date. The shares were trading at around $33.24 this time a year ago.
The biopharmaceutical company said after the bell that it will offer $60 million in shares or pre-funded warrants for shares.
Net proceeds from the will be used to fund ongoing and planned clinical trials, along with commercialization and general corporate purposes.