Puma Biotech Shares Slide On Secondary Stock Offering

Puma Biotechnology Inc. shares fell in the extended session Tuesday after the biotech said it was launching a secondary public offering of its shares. Puma shares fell 4.8% to $50.15 after hours. The company said it planned to sell $150 million in shares, with an additional $22.5 million to underwriters to cover overallotments. Citigroup and J.P. Morgan are the lead book-running managers. At Tuesday's closing price, the offering including overallotments works out to about 3.3 million shares. Puma has about 32.5 million shares outstanding, according to FactSet data.