Celyad sinks over 20% after 2M share offering prices at discount

Shares of Celyad are falling after the company announced the pricing of a global offering of 2M ordinary shares, comprised of 1,717,391 ordinary shares in the form of American Depositary Shares offered in the United States, Canada and certain countries outside of Europe at a price per of $10.00 per ADS. Shares of Celyad are down 21%, or $2.62, to $9.69 in morning trading. Celyad is a clinical-stage biopharmaceutical company focused on the development of specialized CAR-T cell-based product candidates. The company's lead clinical candidate, CYAD-01, is currently being evaluated in Phase 1 clinical trials for the treatment of hematological malignancies, such as acute myeloid leukemia, and solid cancers, such as metastatic colorectal cancer.