By Elias Schisgall
Shares of Nuvectis Pharma fell after the company said it plans to launch an underwritten public stock offering.
Shares fell 18% to $23.26 in after-hours trading on Monday. The stock closed up 4.9% at $28.53, up nearly fourfold since the start of the year.
The company did not say how many shares it intends to offer, or at what price. It said the underwriters will have a 30-day option to buy up to an additional 15% of the shares in the offering.
The company plans to use proceeds to advance treatments in its development pipeline.
Write to Elias Schisgall at [email protected]