By midafternoon, shares had taken off 7.7% to $21.30. Trading volume of 5.7 million was nearly four times its three-month daily average.
The biopharmaceutical company said it intends to offer 4.5 million shares of common stock at $21 a share, a 9% discount to Thursday's close of $23.07. Endocyte said it had also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares.
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