Stock Sale Hammers Genta

Genta ( GNTA) sank 25% after setting plans to sell 20 million shares in an bid to raise gross proceeds totaling $16 million.

The stock was dropping 28 cents to 82 cents early Wednesday. With only 30 minutes gone in the trading session, more than 15 million shares had already traded. The average volume for a full day is about 5.8 million shares.

Genta said the closing should take place around Sept. 22. The shares are being sold under the company's registration statement declared effective by the Securities and Exchange Commission in May 2004 and the prospectus supplement dated Tuesday.

More from Stocks

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

REPLAY: Jim Cramer on How to Navigate the Stock Market Amid Tariff Worries

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

Jim Cramer: 4 Stocks Could Get Throttled By a 'Knock Down Drag Out' With China

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Why Starbucks Latest Data Reveal Should Worry Investors

Why Starbucks Latest Data Reveal Should Worry Investors