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Small-Cap Snapshot: AcelRX Pharmaceuticals shares sink after public offering announcement

The biotech is offering more than 7 million shares, expecting to raise as much as US$20mln
Small-Cap Snapshot: AcelRX Pharmaceuticals shares sink after public offering announcement
Shares of its common stock have been priced at US$2.75 per share

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) is a top decliner after announcing pricing of a public offering of common stock. The biotech is offering more than 7 million shares at a price of US$2.75 per share. The offering is expected to raise US$20mln to be used for general corporate purposes, including the funding of early commercialization efforts. The specialty pharma company develops under-the-tongue therapies for acute pain. Shares of the California-based company were down nearly 13% to US$2.97 in Thursday morning trading.

Zogenix Inc (NASDAQ:ZGNX) shares jumped following positive results from its late-stage trial of its epilepsy drug. The Phase 3 trial showed that its drug ZX008 was able to reduce the frequency of convulsive seizures. The drug is designed to treat children and young adults with Dravet syndrome. Shares of the California-based biotech were up more than 15% to US$53.42.

READ: Zogenix shares pop on impressive Phase 3 results for epilepsy drug

Engility Holdings Inc (NYSE:EGL) shares are up after reports that the government contractor is exploring a sale. The US defense contractor is said to have attracted companies like CACI International Inc and Science Applications International Corp, according to a Reuters report. The company provides engineering and logistics services to US military and civilian agencies. Shares of the company jumped more than 13% to US$35.79.

The Cato Corporation (NYSE:CATO) is another top decliner following disappointing sales in June. The apparel company reported below-expectation same-store sales. Sales decreased by 2% to US$72.9mln compared with sales of US$74.7mln last June. The company operates 1,350 stores in 33 states, 24 fewer stores than last year. Shares of the North Carolina-based company were down more than 13% to US$21.56.

The Russell 2000 Small-Cap Index saw minimal gains in Thursday morning trading.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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