Shares of Denali Therapeutics Inc. declined in Tuesday’s after-hours session, following news the company plans a $250 million underwritten public offering of its common stock.
At 4:43 p.m. ET, the biopharmaceutical company’s shares had fallen 14.66% to $28. The stock finished the day’s regular session with a 2.64% loss, closing at $32.81 per share.
Denali said it is “developing a broad portfolio of product candidates engineered to cross the blood-brain barrier for neurodegenerative diseases.” It develops drugs to treat Alzheimer’s,Parkinson’s, ALS and other similar diseases.
The South San Francisco company has a market cap of $4.16 billion, 123.35 million shares outstanding and a public float of 102.14 million shares.