ISIS Pharmaceuticals Inc (NASDAQ:ISIS) down by 10.23%, Cobalt International Energy Inc (NYSE:CIE)

Posted by Chris Bell May 9, 2013 0 Comment 1241 views

ISIS Pharmaceuticals, Inc (NASDAQ:ISIS): Wednesday’s trading session saw ISIS Pharmaceuticals, Inc (NASDAQ:ISIS) shares dropping by 10.23%. They had an opening price of $21.44 which rose to an intraday high of $21.58 and then dropped to $19.52 per share. More than 3.24M shares were traded in the Wednesday trading session which was close to double that the average volume of 1.38M that was calculated over a period of 30 days.

Today, ISIS Pharmaceuticals, Inc (NASDAQ:ISIS) made an announcement of an underwritten public offering at a price of $19.00 per share to the public and 9,000,000 of its common shares were put up in the offering. The company expects the gross proceeds to be $171.0 million. This, before deduction of the underwritten discount as well as any other expenses that are related to the estimated offering, which Isis will be payable for. It is expected that the closure date of the offering will be on or around 14 May 2013 and will be subject to existing customary closing conditions.

In addition to this, ISIS Pharmaceuticals, Inc (NASDAQ:ISIS) has also granted the underwriters an option to purchase an aggregate of 1,350,000 additional common stock shares at the public offering price, with a 30-day option.

Cobalt International Energy, Inc (NYSE:CIE): In Wednesday’s trading session, Cobalt International Energy, Inc (NYSE:CIE) tumbled 7.23%. Its opening share price was $26.58 which rose slightly to an intraday high of $27.10 before dipping to $26.58 per share. In excess of 24.40M shares were traded in the Wednesday trading session which was above the average volume of 2.42M that was calculated over a period of 30 days.

Cobalt International Energy, Inc (NYSE:CIE) announced a pricing of $26.80 initial per share price to the public. The 50,000,000 common stock shares registered underwritten public offering had been announced earlier. Selling stockholders who are affiliates of Goldman Sachs and Co, First Reserve, Riverstone Holdings LLC, KERN Partners Ltd and the The Carlyle Group will be the sellers of this stock. The offering-underwriter has been provided an option to purchase a maximum of 7,500,000 additional common stock shares.

This option will have to be exercised within 30 days and the same T&C’s will apply. Cobalt will not be receiving any proceeds from this particular sale and the company expects the closing date of the offering to the 10 May 2013.

About Chris Bell

Chris Bell is an investing reporter for GDP Insider. Chris covers financial markets and Wall Street, concentrating on developments affecting individual investors and their portfolios. Chris is also over consumer reporter and covers a wide variety of issues ranging from housing to immigration to urban poverty. Chris graduated from the University of Scranton with a degree in Communication and Philosophy. Chris's diligent investigations earned him the honor of being named "Best Reporter" once by the Headliners Foundation of Texas and once by the Houston Press Club.

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