Here's Why Momenta Pharmaceuticals Jumped 18% on Friday [The Motley Fool]
MOMENTA PHARMACEUTICALS (MNTA)
Last momenta pharmaceuticals earnings: 2/26 07:00 am
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US:NASDAQ Investor Relations:
ir.momentapharma.com/investor-relations
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Source: The Motley Fool
Investors are excited about all the capital the biotech raised. Brian Orelli ( TMFBiologyFool ) Dec 7, 2018 at 4:23PM What happened Shares of Momenta Pharmaceuticals ( NASDAQ:MNTA ) closed up 18% on Friday, following Thursday's announcement after the bell that the biotech is selling about 17.4 million shares at $11.50 per share in a secondary offering . So what The offering is below Thursday's closing price of $12.08, which would typically send shares down, not up. The unusual activity is likely because Momenta Pharmaceuticals had originally planned to raise $150 million but actually ended up selling enough shares to raise $200 million, suggesting there's interest in the biotech from large funds that tend to buy secondary offerings. Some of them might have even been buying today if they weren't allotted as many shares as they were hoping for.
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