Coherus BioSciences’ shares were trading lower in Monday’s after-hours session following the news it had commenced an underwritten public offering of $50 million of its common stock.
The stock was down 8.18% to $4.49 at 5:56 p.m. ET. The shares fell to a 52-week low of $4.80 during the regular session, and closed down with a 0.2% at $4.89. The stock is down by more than 38% this year.
Coherus said it plans to use “substantially” all the net proceeds for general corporate purposes.
The biopharmaceutical company has a market cap of $394.71 million, 80.55 million shares outstanding, and a public float of 75.27 million shares.