Shares of Kite Pharma Inc. slumped 5.2 in premarket trade Thursday, after the developer of cancer treatments launched a public offering of 4.75 million common shares. The move comes after the stock rocketed 51% over the past three days, amid positive results from a study of its treatment for aggressive non-Hodgkin's lymphoma. Kite said all the shares will be sold by the company. With about 50.2 million shares outstanding through Wednesday, according to FactSet, the offering would increase that total by 9.5%. The underwriters of the offering have been granted options to buy up to an additional 712,500 shares. The stock has rallied 48% over the past 12 months, while the S&P 500 has gained 21%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below