The U.S.-listed shares of Aslan Pharmaceuticals Ltd. (6497.OT) plunged 47% in active afternoon trading on Tuesday, after the Singapore-based biotechnology company's stock offering priced at less than half the previous session's closing price. Trading volume was 7.4 million shares, compared with the full-day average of about 2.1 million shares. The company announced in midday trading Monday that it had commenced a public offering of American Despositary Shares ( ), but did not disclose the number of ADS to be sold or estimate a price. The stock closed Monday at $5.20, a 14-fold rise from the Nov. 13 record closing low of 37 cents, amid upbeat data from studies of its ASLAN004 and ASLAN003 products ( ). Late Monday, the company said its public offering of about 5.1 million ADS priced at $2.50 per ADS, or 52% below Monday's closing price, for expected proceeds of about $12.8 million. All of the ADS in the offering were sold by the company. The stock has run up 71% over the past three months, but was still down 23% year to date. In comparison, the iShares Nasdaq Biotechnology ETF (IBB) has run up 23% this year and the S&P 500 has climbed 23%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 03, 2019 14:29 ET (19:29 GMT)
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