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BioXcel Therapeutics Tanks 13% On New Share Public Offering

Shares of clinical-stage biopharmaceutical company BioXcel Therapeutics, Inc. (BTAI) are down 13 percent on Wednesday's trading as the company announced the pricing of an underwritten public offering of 3.15 million shares at $31.70 per share.

The company expects gross proceeds from the underwritten public offering to be around $100 million and said that it will not receive any proceeds from any sale of shares in this offering by BioXcel LLC. The offering is expected to close on or about June 25.

Currently trading at $32.03, the stock has traded between $28.00 and $71.50 during the past 52 weeks.

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