Synergy Pharma Stock Sinks 12.5% After Announcement Of Common Stock Offering

Synergy Pharmaceuticals Inc. shares sunk 12.5% in pre-market trade Wednesday after the company said it would offer 20 million shares of its common stock at $6.15 per share. Synergy shares were priced at $7.07 as of Tuesday's close. The company said its public offering will fund commercialization of chronic constipation treatment Trulance, which was approved by the Food and Drug Administration in late January. The offering is expected to close around Feb. 6. Synergy shares have risen 50.8% over the last three months, compared with a 7.9% rise in the S&P 500 .