Ultragenyx Pharmaceutical Inc (RARE)

Shares of Ultragenyx Pharmaceutocal (RARE) dropped by 13.85% from $36.83 to $31.73 in the trading on Wednesday, October 18, 2023. The reason why RARE stock down is due to the company's announcement of a pricing for its underwritten public offering. Ultragenyx Pharmaceutical revealed that it would be offering 8,333,334 shares of its common stock at a price of $30.00 per share to the public. Additionally, the company offered pre-funded warrants for the purchase of 1,666,722 shares of common stock at a price of $29.999 per pre-funded warrant. The aggregate gross proceeds from this offering were expected to be $300 million, before deducting underwriting discounts, commissions, and other expenses. The offering also included an option for underwriters to purchase up to an additional 1,500,000 shares of common stock. The offering was expected to close around October 23, 2023. The pricing and offering news contributed to the negative sentiment among investors, resulting in the decline in Ultragenyx Pharmaceutical's stock price.