Tesaro Inc TSRO shares are trading lower by $16.50 (11 percent) at $132.00 in Tuesday's session. One day removed from a making a new all-time-high ($148.74) and all-time closing high ($148.50), investors are abandoning the issue after announcing a 1.75 million share offering at $135 per share.
Share offering prices either act as support or resistance in an issue once it's announced. In this instance, the offering price is acting as resistance. Following a lower open, it attempted to rebound but found resistance at just ahead of $135.00, only reaching $134.75 before continuing is move lower.
The ensuing decline found intra-day support at $128.00 and rallied back into the $130.00 handle.
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