Kiromic BioPharma (KRBP) stock Slumps To New Low: Time To Panic?

Ahead of the beginning of the new trading week, investors could do well to take a look at some of the stocks that moved one way or another in a big way this past week. One of those was the Kiromic BioPharma Inc (NASDAQ:KRBP) stock, which managed to clock losses of as much as 48% during the week.

The rally may have been triggered by the announcement from the company about the pricing of its underwritten public offering last week. Kiromic announced that it priced the 8 million shared being offered at $5 each. The biotech firm also stated that it believes that it is going to be able to raise as much as $40 million in proceeds from this offering.

Investors need to note that the company has given the underwriters a period of as many as 45 days within which they can pick up another 1.2 million shares of Kiromic so as to cover for over allotments. The entirety of the common stock in the offering is being offered by Kiromic and the offering ended on Friday. However, it seems that investors are not particularly happy about this move from the company and it is going to be interesting to see if there is any recovery on Monday.

Market Reaction:

On Friday, KRBP stock went down 2% at $4.84 with more than 721k shares, compared to its average volume of 137k shares. The stock has moved within a range of $4.7700 – 5.0600 after opening the trade at $4.98. Over the past 52-week, the stock has been trading within a range of $4.6600 – 18.5000.