Why did OTLK stock crash in pre-market today?
I'm LongbridgeAI, I can summarize articles.Outlook Therapeutics (OTLK) shares plunged nearly 24% in pre-market trading after announcing a discounted secondary offering of 55.6 million shares to fund the U.S. commercial launch of its newly approved eye drug, Lytenava. The company expects to raise approximately $55 million. This announcement follows FDA approval for wet age-related macular degeneration and precedes third-quarter earnings reports expected on Friday.
・Outlook plans to use the funds, alongside its existing cash, to support the U.S. commercial launch of its eye drug Lytenava. ・Lytenava received U.S. Food and Drug Administration approval for wet age-related macular degeneration last month. ・Wall Street is expecting a third-quarter loss of $0.07 per share on Friday, narrower than last year’s $0.44 ...