Revolution Medicines (RVMD) Stock: Why Its Trending Today

By Amit Chowdhry ● Jul 20, 2022
  • The Revolution Medicines Inc (NASDAQ: RVMD) stock is trending today. This is why.

The Revolution Medicines Inc (NASDAQ: RVMD) stock is trending today as the price fell by over 11% pre-market. Investors are responding negatively to Revolution Medicines announcing the pricing of its underwritten public offering of 11,500,000 shares of common stock at a public offering price of $20.00 per share, before underwriting discounts and commissions.

All of these shares of common stock are being offered by Revolution Medicines. And Revolution Medicines granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock at the public offering price, less underwriting discounts, and commissions.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Revolution Medicines, are expected to be $230 million, excluding any exercise of the underwriters’ option to purchase additional shares. This offering is expected to close on July 22, 2022, subject to customary closing conditions.

J.P. Morgan, Cowen and Guggenheim Securities are acting as the joint book-running managers for the proposed offering.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.