Why Silo Pharma Stock Is Down Over 30%

Zinger Key Points
  • Silo Pharma shares are trading lower by 31% during Wednesday's session.
  • The company announced it has entered into agreements to sell 917,432 shares of common stock.

Silo Pharma Inc SILO shares are trading lower by 31% to $1.55 during Wednesday’s session after the company announced it has entered into agreements to sell 917,432 shares of common stock at $2.18 per share in a direct offering.

Additionally, in a private placement, Silo will issue unregistered warrants to purchase the same number of shares at $2.06 per share. These warrants will be immediately exercisable and will expire in five years. The offering is expected to close on June 6, 2024, pending customary conditions.

H.C. Wainwright & Co. is the exclusive placement agent. The company anticipates gross proceeds of about $2 million, which will be used for working capital and general corporate purposes.

See Also: Bank Of Canada Cuts Rates By 0.25% As Policy ‘No Longer Needs To Be Restrictive’: Canadian Stocks Rally, Loonie Drops

Should I Sell My SILO Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of SILO Pharma have decreased by 30.99% in the past year. An investor who bought shares of SILO Pharma at the beginning of the year would make a profit of $0.01 per share if they sold it today. The stock has fallen 10.4% over the past month, meaning an investor who bought shares on May. 1 would see a capital loss of $0.32.

SILO Pharma shares have an all-time high of $14.5, representing 846.41% upside from current levels.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. SILO Pharma stock currently has an RSI of 62.68, indicating neutral conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

According to data from Benzinga Pro, SILO has a 52-week high of $3.05 and a 52-week low of $1.22.

Market News and Data brought to you by Benzinga APIs
Posted In: Newswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!