Shares of BioCardia Inc.
sank 13.9% in morning trading Wednesday, after the developer of regenerative biologic therapies announced more stock sales in the wake of the 137.6% rocket ride over the past two days. The company said before Wednesday’s open that it sold 2.04 million shares of its stock at $5.15 a share in a registered direct offering to raise $10.5 million, On Monday, the company said it sold 1.79 million shares at $4.75 a share in a registered direct offering to raise $8.5 million. The stock’s surge the past two days followed the company’s announcement before Monday’s open that it anticipated data safety monitoring board (DSMB) feedback on interim data from a Phase 3 CardiAMP Heart Failure trial. The company said it will provide details on the DSMB feedback before Thursday’s open. The stock has soared 149.9% over the past three months, while the iShares Nasdaq Biotechnology ETF
has gained 12.3% and the S&P 500
has advanced 9.1%.