Alder Biopharmaceuticals Lower By 3% Following $100 Million Share Offering

Shares of Alder Biopharmaceuticals Inc ALDR were trading lower by nearly 4 percent early Thursday morning after the company announced a public offering of its common stock.

Alder Biopharmaceuticals said it will offer 5.376 million shares of its stock at a price of $23.25 per share. Its stock closed at $25.92 on Wednesday.

Alder Biopharmaceuticals will use the net proceeds, along with its cash on hand, to sufficiently complete an ongoing and proposed Phase 3 trial of ALD403 and one Phase 1 trial of ALD1613. However, the company cautioned "we may not achieve the progress that we expect because the actual costs and timing of drug development, particularly clinical trials, are difficult to predict, subject to substantial risks and delays and often vary depending on the particular disease and development strategy."