Why Is BioXcel Therapeutics (BTAI) Stock Down 26% Today?

BioXcel Therapeutics (NASDAQ:BTAI) stock is taking a beating on Friday after the commercial-stage biopharmaceutical company announced a proposed underwritten public offering for its shares.This public offering includes $60 million shares of BTAI stock. The company also intends to offer underwriters of the deal a 30-day option to acquire another$9 million of its shares. Underwriters include BofA Securities and Truist Securities.BioXcel Therapeutics says that it will use the funds from this offering for ongo ...