The company’s ADSs fell to $30.84 following the announcement, a stark reversal from the regular session where the stock closed at $33.52, reflecting a modest gain of less than 1%. This offering represents a significant shift in market sentiment for a firm that has seen aggressive growth throughout the year. Market participants are now weighing the impact of potential share dilution against the company’s long-term prospects in the competitive cell therapy sector.
Legend Biotech Shares Slip on $225 Million Public Offering
Investors reacted sharply to the news of a new capital raise, sending Legend Biotech shares down 8% in after-hours trading. The cell therapy developer announced an underwritten public offering of $225 million in American depositary shares, momentarily stalling a year-to-date rally that had pushed the stock up more than 54%.
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