Why Is OpGen (OPGN) Stock Up 115% Today?
OpGen (NASDAQ:OPGN) stock is on the rise Friday after the precision medicine company withdrew a share offering.
A filing with the Securities and Exchange Commission (SEC) has the company requesting the withdrawal of its Registration Statement on Form S-1. This was a filing made by the company for a prospectus public stock offering that hadn’t gone into effect yet.
With this withdrawal, OpGen will not being offering additional shares to investors through a public stock offering of OPGN. That’s worth noting as news of stock offerings often cause a company’s shares to fall.
Why OPGN Stockholders Are Celebrating
Withdrawing this stock offering means that there won’t be more shares of OPGN stock issued. That’s good news for investors in the stock as it means the company won’t be diluting their current stakes in it.
To go along with this, no stock offering means no lower price undercutting the value of OPGN shares. Oftentimes, public stock offerings are priced below a stock’s previous closing price. Offering such a discount weighs on a company’s shares, pulling the price lower.
Today’s news brings with it heavy trading of OPGN stock. As of this writing, more than 12 million shares have changed hands. That’s already well above its daily average trading volume of about 392,000 shares.
OPGN stock is up 114.7% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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