Cancer immunotheraphy drug developer Heat Biologics Inc. (HTBX) - Get Heat Biologics, Inc. Report nosedived around 30% to $1.42 in afternoon trading Wednesday after the company priced a public offering at about $12 million.
The North Carolina-based biopharmaceutical company expected to offer 8 million shares of common stock and warrants to purchase 4 million shares of common stock with an expected combined price of $1.50.
The money raised would be used to further develop its so-called T-cell immunotherapies that if successful would activate a patient's immune system to fight off cancer. So far, the company has three therapies it's developing, with one of them in phase 2 clinical trials. The offering is slated to close Nov. 26.
The company's down slide appeared a trading trend Wednesday in the industry as many other drugmakers also saw shares fall.
Urovant Sciences Ltd. (UROV) - Get Urovant Sciences Ltd. Report , a London-based clinical-stage biopharmaceutical company, slipped 1.76% to $7.82, while New York-based Axsome Therapeutics, Inc. (AXSM) - Get Axsome Therapeutics Inc Report dropped 2.33% to $3.03.
Morrisville, North Carolina-based Tenax Therapeutics, Inc. (TENX) - Get Tenax Therapeutics, Inc. Report slipped 3.89% to $3.46 and shares of Mylan N.V. (MYL) - Get Mylan N.V. (MYL) Report were off slightly to $33.87 after the drug manufacturer that it would voluntary recall select lots of blood pressure medicine Valsartan.
The Canonsburg, Pennsylvania-based Mylan said it would recall at least 15 lots of medicines containing Valsartan distributed in the United States between March 2017 and November 2018 and manufactured by Mylan Pharmaceuticals and Mylan Laboratories.
Mylan also said it was working to satisfy the U.S. Food and Drug Administration after the agency sent a warning letter to the generic pharmaceutical manufacturer on Nov. 9 regarding a drug-manufacturing facility on Chestnut Ridge in Morgantown, West Virginia. The company said some Mylan products were being disrupted by the restructuring and remediation of the Morgantown facility.
On the plus side, Avenue Therapeutics (ATXI) - Get Avenue Therapeutics, Inc. Report , a New York-based specialty pharmaceutical company, rose 2.80% to $5.50. Akebia Therapeutics, Inc. (AKBA) - Get Akebia Therapeutics, Inc. Report jumped 5.62% to $7.33.
This article contains one or more stocks with a market cap under $300 million. Such small-cap stocks tend to be volatile.