Shares of Biomea Fusion Inc. BMEA slumped 2.0% in premarket trading Wednesday, after the biopharmaceutical company said it launched a $125 million public offering of common stock. The offering comes after the stock rocketed a record 99.0% on Tuesday to close at a record $30.71, after the company reported positive data on a trial for its treatment for Type 2 diabetes. The $125 million offering represents 13.8% of the company’s market capitalization of $902.8 million as of Tuesday’s close. The stock has soared 588.6% over the past 12 months, while the iShares Biotechnology exchange-traded fund IBB has lost 5.0% and the S&P 500 SPX has declined 14.3%.
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