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May 12, 2017, 9:32 a.m. EDT

Ziopharm Oncology's stock tumbles after stock offering prices at deep discount

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By Tomi Kilgore

Shares of Ziopharm Oncology Inc. /zigman2/quotes/200291745/composite ZIOP -0.38% tumbled 12% in morning trade Friday, after the biotechnology company's stock offering priced at a deep discount. The company said its follow-on offering of 9.7 million shares priced at $5.15, which is 28% below Thursday's closing price of $7.12. The stock hasn't closed as low as $5.15 since Oct. 14, 2016. The company has 132.4 million shares outstanding, according to FactSet. Ziopharm said that including the proceeds from the offering, expected to be $50 million, the company should have enough cash to fund operations into the fourth quarter of 2018. The stock has soared 33% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB -0.74% has climbed 9.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.39% has gained 6.9%.

/zigman2/quotes/200291745/composite
US : U.S.: Nasdaq
$ 3.95
-0.02 -0.38%
Volume: 1.95M
Oct. 18, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$641.27 million
Rev. per Employee
$3,042
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 102.27
-0.76 -0.74%
Volume: 1.79M
Oct. 18, 2019 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,986.20
-11.75 -0.39%
Volume: 1.99B
Oct. 18, 2019 5:08p
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