Bluejay Diagnostics, Inc. (NASDAQ: BJDX) shares have taken a hit after the company announced the pricing of a $3.5 million public offering. The stock is currently down 29% at $1.24.
The public offering consists of 2,692,308 shares priced at $1.30 per share. Bluejay Diagnostics expects to generate approximately $3.5 million in gross proceeds from the offering. The company plans to utilize the funds for various purposes, including obtaining FDA approval, conducting research and development activities, and addressing general working capital needs.
This news comes on the heels of Bluejay Diagnostics’ announcement of a multicenter clinical study to evaluate the Symphony IL-6 test in sepsis patients. The initiation of this study demonstrates the company’s commitment to advancing its diagnostic capabilities and improving patient outcomes.
Following the announcement of the public offering, Bluejay Diagnostics shares have experienced heavy trading volume. Over 447,000 shares have been traded in the session, significantly higher than the stock’s 100-day average of less than 26,000 shares. This increased trading activity reflects the market’s reaction to the news and the impact it has had on investor sentiment.
Currently, Bluejay Diagnostics shares are trading below the stock’s 50-day moving average of $3.29 and well below its 52-week high of $17.60. This decline is likely due to the dilution effect of the public offering and the uncertainty surrounding the company’s future prospects.
Investors will be closely monitoring Bluejay Diagnostics’ progress in obtaining FDA approval for its diagnostic tests and the outcome of the multicenter clinical study. Positive results from these endeavors could potentially boost the stock price and restore investor confidence in the company’s future.
In related news, Coherus BioSciences stock is climbing today for reasons unrelated to Bluejay Diagnostics. This highlights the dynamic nature of the stock market and the importance of considering multiple factors when making investment decisions.
Overall, Bluejay Diagnostics’ announcement of a public offering has had a significant impact on the stock price. Investors will be closely watching how the company utilizes the funds raised and the progress it makes in its research and development activities.
