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Xenon Pharma Slips 9% After Pricing $250 Mln Offering

Shares of Xenon Pharmaceuticals Inc. (XENE) are slipping over 9% after the company announced pricing of about 7.9 million shares at $250 million.

XENE is currently trading at $31.47, down $3.23 or 9.31%, on the Nasdaq, on a volume of 2 million shares, above average volume of 0.5 million. The stock has traded between $14.65 and $36.42 in the past 52-week period. The stock opened its trading at $30.61 after closing Wednesday's trading at $34.70.

Xenon Pharmaceuticals priced the public offering of 7,868,854 common shares at $30.50 per share. The proceeds to Xenon from the offering are expected to be about $250.0 million. The offering is expected to close on or about June 27, 2022.

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