Viking Therapeutics Inc (NASDAQ:VKTX) shares are moving lower in extended trading Wednesday after the company announced a pair of proposed public offerings.
- Viking Therapeutics stock is showing upward bias. What should traders watch with VKTX?
Viking Therapeutics Announces Common Stock and Note Offerings
Viking Therapeutics said it intends to offer $200 million of common stock and $200 million of convertible senior notes due 2032 in separate public offerings. The clinical-stage biopharmaceutical company plans to grant the underwriters of each offering a 30-day window to purchase up to an additional $30 million of common stock and notes in the offerings.
Viking intends to use the net proceeds from the offerings for the continued clinical development, advancement and commercialization of its VK2735 program, as well as the continued clinical development and advancement of its VK3019 program.
Viking Therapeutics had $502 million in total cash, cash equivalents and short-term investments as of June 30.
VKTX Shares Fall After Hours
VKTX Price Action: Viking Therapeutics shares were down 8.19% in after-hours, trading at $38.24 at the time of publication on Wednesday, according to Benzinga Pro.
Image: Shutterstock.com
Login to comment