Shares of Sangamo Therapeutics Inc. tumbled 9.8% in premarket trade Wednesday, after the developer for genomic therapies priced a public offering of common stock well below the previous session’s closing price. The company said it sold 10 million shares of stock at $7.25 a share to raise $72.5 million. The number of shares represents about 14% of the shares outstanding, while the price was 11.6% below Tuesday’s close of $8.20, which was just below the 16-month closing high of $8.40 reached on May 15. The company said it plans to use the proceeds from the share offering for working capital and other general corporate purposes, including research and development. The stock has shot up 169% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF has climbed 14% and the S&P 500 has gained 8.9%.
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