Catalyst Pharmaceuticals, Inc. CPRX shares are trading higher after the news emerged that the company will not proceed with the previously announced public offering.
The company believes that the culmination of an offering at the current market price of the common stock is not in its best interest.
Catalyst Pharmaceuticals had previously reported an 8 million share common stock offering.
Shares were trading up 9.9% at $6.75 in Friday’s pre-market session. On Thursday following news of the proposed offering, shares had declined 17.50% to $6.13 per share.
The stock has a 52-week range between $7.67 and $1.85.
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