Why Merus N.V. (MRUS) Crashed On Wednesday

We recently published a list of Investors Are Dumping These 10 Stocks. In this article, we are going to take a look at where Merus N.V. (NASDAQ:MRUS) stands against other worst-performing stocks on Wednesday.

Merus NV snapped a four-day winning streak on Wednesday, shedding 7.75 percent to end at $57.58 apiece as investors repositioned portfolios following the company’s announcement of a $300-million follow-on offering that could result in a potential dilution of their existing equity.

According to the company, it aims to sell 5.26 million common shares at a price of $57 apiece. It also granted its underwriters a 30-day option to purchase up to 789,473 common shares.

According to the company, it plans to use the proceeds to ramp up the clinical development of its product candidates, while the balance will be allocated for preclinical research and technology development, working capital, and general corporate purposes.

Merus N.V. (NASDAQ:MRUS) tapped Jefferies, BofA Securities, Leerink Partners, Guggenheim Securities, Truist Securities, and LifeSci Capital as its acting joint book-runners for the offering.

Meanwhile, Van Lanschot Kempen will act as lead manager for the offering.

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Disclosure: None. This article is originally published at Insider Monkey.