What's Going On With Stoke Therapeutics Stock Tuesday?

Author: Adam Eckert | March 26, 2024 04:54pm

Stoke Therapeutics Inc (NASDAQ:STOK) shares are rising in Tuesday’s after-hours session, riding a wave a momentum higher despite announcing a proposed public offering after the bell.

What To Know: After the market close on Tuesday, Stoke Therapeutics announced a proposed underwritten public offering of up to $75 million of its common stock. The company also intends to grant the underwriters a 30-day window to purchase up to an additional 15% of the shares in the public offering.

Stoke said it expects to use the net proceeds to fund research, clinical and process development and manufacturing of its product candidates, including late-stage development of STK-001 and further development of STK-002.

The news comes after Stoke Therapeutics shares surged more than 58% in Tuesday’s regular session on the back of new Phase 1/2a data supporting the potential for STK-001 in Dravet syndrome.

Late Monday, Stoke Therapeutics announced that data from its STK-001 studies showed clinically meaningful effects, including substantial reductions in convulsive seizure frequency and improvements in multiple measures of cognition.

“The totality of these data provide compelling evidence that support the potential for STK-001 to be a disease-modifying medicine for patients with Dravet syndrome by treating the underlying cause of the disease, rather than just the symptoms,” said Edward Kaye, CEO of Stoke Therapeutics. 

Stoke Therapeutics has an average session volume of about 279,000, according to data from Benzinga Pro. Tuesday’s trading volume was above 19 million at publication time.

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STOK Price Action: Stoke Therapeutics closed Tuesday up 58.31% at $10.29. After-hours shares were up 3.69% at $10.67 at the time of publication, per Benzinga Pro.

Photo: 3844328 from Pixabay.

Posted In: STOK