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Why is Biocept (BIOC) stock down 42% today?

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Biocept (NASDAQ:BIOC) shares fell hard on Thursday after the company revealed details of a public offering for its shares.

Biocept is offering 1,176,470 common shares and warrants for a maximum of 2,352,940 BIOC shares. These units are priced at $4.25 per share and include one share and a warrant to purchase another share. The warrants also have an exercise price of $4.25.

According to Biocept, the public offering will enable it to raise $5 million. The company says it will use the money to advance its FORESEE trial for CNSide, working capital, and for general corporate purposes.

To accompany this, Biocept granted the underwriters the option to acquire an additional 176,470 BIOC shares and warrants for an additional 352,940 shares. This offer lasts 45 days and is at the same price as the public offer.

Movement of BIOC shares today

Investors are not reacting well to today’s public offering news with BIOC shares falling. This makes sense because it increases the total number of outstanding shares of the BIOC stock. This dilutes the stakes that current investors have in the company.

Today’s news also comes with heavy trading in BIOC shares. As of this writing, over 364,000 shares have changed hands. That’s already above its average daily trading volume of around 113,000 shares.

BIOC stock is down 42.1% on Thursday morning.

Investors can find more of the latest stock market news below!

On Thursday we have all the hottest stock market news for traders to read! Some examples include why the shares of Wireless Telecommunications Group (NYSEMKT:WTT) And kubient (NASDAQ:KBNT) stocks climb today, as well as the biggest pre-market stock moves today. All these news are available on the following links!

More Thursday stock market news

As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

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