Shares of Protagenic Therapeutics, Inc. (PTIX) stock continued the rising trend in the after-market session on Friday, May 8, 2021, after gaining as much as 13.30% witha $2.13 per share price at closing. PTIX stock price saw an uptrend of 15.02% to reach $2.45 a share in the late hours of Friday. It seems that PTIX stock is rising without any specific reason related to it. Let’s deep dive to explore more of it.
There is no recent news announced by the PTIX stock, no positive earnings report to justify the bullish sentiment. No signs of analyst upgrades or increased targeted per share price of the PTIX stock to explain the rising momentum. In this situation, it is better to look for the recent events of the PTIX stock.
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Underwritten Public Offering:
On April 30, 2021, PTIX stock did announce the closing of its previously announced underwritten public offering of 3,180,000 units. The public offering price for each unit under this offering was $4.15.Each unit consisted of one share of common stock and one warrant to the purchase of one share of the common stock. Exercise price for the warrant was $4.98 and the expiry tenure was 5 years from the issued date. The underwriters were granted a 45-day option in order to purchase up to additional 477,000 units at the public price less than the commissions and underwriting discounts.
The common stock and warrant were traded on the Nasdaq Capital Market under the symbols “PTIX” and “PTIXW,” respectively. The gross proceeds resulting from this offering were totaled approximately $13.2 million without the deduction of commissions, underwriting discounts, and other offering-related expenses.
Protagenic Therapeutics, Inc:
Protagenic Therapeutics, Inc. (PTIX) is a preclinical biopharmaceutical company focused on the treatment of neuropsychiatric, anxiety, addiction, and various mood disorders via the discovery and development of therapeutics. The lead product of Protagenic Therapeutics is PT00114, and its market cap is 29.353M. Protagenic Therapeutics, Inc was founded in 2016 and based in New York.
So far so good for PTIX stock as far as market sentiment is concerned though there is no certain recent news this week related to PTIX stock. In short, individuals eyeing PTIX stock need to do deep research before adding this stock to their portfolio.