4D Molecular Therapeutics, Inc. (FDMT) stock was gloomy today following the announcement of pricing of its public offering. FDMT stock price saw a downtrend of 19.90% to drop at $24.71 a share at the time of this writing. The stock was also red in the previous trade and went down by 1.56% at closing. Let’s discuss more about this stock.
4D Molecular Therapeutics is the medical stock that is developing product candidates via its adeno-associated viruses’ vectors. The company is mainly focusing on the treatment of ophthalmology, cardiology, and pulmonology diseases. FDMT stock has a market cap of $832.4 million and a 172,686 average trading volume. The company was founded in 2013 and is based in Emeryville, California.
Public offering by FDMT stock:
4D Molecular today on October 29, 2021, announced the pricing of its previous proposed public offering of common stock. Pursuant to the offering, FDMT stock will offer 4,750,000 shares of its common stock at a $25.0 per share public offering price. Moreover, underwriters are granted a 30-day option by the FDMT stock to buy up an additional 712,500 shares of its common stock at a public offering price. 4D Molecular expects the $118.8 million in net proceeds from this offering without excluding underwriter discounts, commissions, and other offering-related expenses. After meeting customary closing conditions, the offering will close on November 2, 2021.
Previous Announcement by FDMT stock:
4D Molecular on October 26, 2021, did announce the clinical data of intravenous 4D-310 in Phase 1/2 clinical trial. 4D-310 is intended for patients suffering from Fabry disease. Furthermore, the stock released the update of the ongoing Phase 1/2 clinical trial of 4D-110 in patients suffering from choroideremia. Safety and tolerability were the primary endpoints for the 4D-310 phase 1/2 clinical trial. The data collected from the trial reflected that 4D-310 showed well tolerance and was potential enough to show benefits after a single intravenous injection.
FDMT team is currently observing the behavior of the 4D-110 in the Phase 1/2 clinical trial in patients suffering from choroideremia. According to the last report, 4D Molecular enrolled six patients in the trial with advanced choroideremia. standard 3+3 dose escalation has been designed for the patients under the trial.
The announcement of the public offering of shares of the common stock by the FDMT stock is the obvious reason for the falling per share price. So far two analysts have rated this stock “Buy” while one has rated “Hold”. In a nutshell, investors need to know all the facts and figures before adding this stock to their portfolio.