Why Cytokinetics (CYTK) Stock Price Was Down 17% on Thursday

Shares of Cytokinetics (CYTK) lost more than 17% on May 23 after it announced a funding deal with Royalty Pharma (RPRX) , which investors found complicated. It also announced the pricing of its recently floated public offering of common stock, which was at a 16% discount to the closing price on May 22. The funding deal expands the company's existing strategic collaboration with Royalty Pharma, allowing the company to receive up to $575 million in total. Royalty Pharma will also make an investment of$50 mil ...