04:14 PM EDT, 10/08/2024 (MT Newswires) -- Crinetics Pharmaceuticals ( CRNX ) turned more than 3% lower in Tuesday's extended session after disclosing plans for a $400 million public offering of its common stock, subject to market and other conditions.

The clinical-stage pharmaceutical company also would provide underwriters with a 30-day option to buy up to $60 million additional shares to cover potential overallotments.

Crinetics expects to use net proceeds, together with available cash, to fund research and development of its product candidates, pre-commercialization activities and other general corporate purposes, including possibly acquiring or investing in complementary businesses and technologies.

Price: 50.00, Change: -1.70, Percent Change: -3.29