Sarepta sales slump after company announces $225 million stock offering
Shares of Sarepta Therapeutics Inc. slumped as much as 1.7% after the market closed on Wednesday after the company said it plans to sell up to $225 million in common stock. The proceeds of the offering will be used to further clinical trials and develop new products and technologies. J.P. Morgan and Goldman Sachs will act as joint book-running managers for the stock offering, with Credit Suisse acting as co-manager. Sarepta shares are up more than 45% in the year to date, outperforming the S&P 500 Index , which is up nearly 6%.
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