Bridgebio Pharma Inc (BBIO)

BridgeBio Pharma Inc (BBIO) stock declined by 9.19% due to the announcement of a $250 million public offering.

• Offering details: The offering, totaling $250 million of shares of its common stock, aims to grant the underwriters a 30-day option to purchase up to an additional $37.5 million of shares. All shares in the proposed offering will be sold by BridgeBio.
• Reasons for the Decline: The offering news likely caused the stock price to pull back due to dilution concerns. When the company issues new shares, it can dilute the ownership stake of existing shareholders, leading to a decrease in the stock price. Investors may also be cautious about the potential impact of the offering on BridgeBio's financials and future growth prospects.

BBIO's stock fell 8.11% following a cautious note by JPMorgan Chase regarding the biotech's experimental treatment of symptomatic transthyretin amyloidosis cardiomyopathy, or ATTR-CM, known as acoramidis. JPMorgan's team considered this a "high-risk" event due to the well-documented difficulty in treating patients with this condition.

https://www.fool.com/investing/2023/06/15/why-bridgebio-pharma-stock-is-plunging-today/