Notable News to Watch: PolarityTE, Inc. (NASDAQ:PTE) Shows-2.38% Decline

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PolarityTE, Inc. (NASDAQ:PTE) noticed change of -2.38% to $9.22 along volume of 141846 shares in recent session compared to an average volume of 351.82K. The stock observed return of -7.00% in 5 days trading activity. The stock was at -40.55% over one month performance. PTE’s shares are at -32.67% for the quarter and driving a -50.60% return over the course of the past year and is now at -30.02% since this point in 2018. 

PolarityTE, Inc. (NASDAQ:PTE) disclosed the pricing of an underwritten public offering of approximately $27.5 million of shares of its common stock. In addition, PolarityTE has granted the underwriter a 30-day option to purchase up to $4,125,000 of additional shares of its common stock. The offering is expected to close on or about April 12, 2019, subject to satisfaction of customary closing conditions.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering. The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Capital Market, in negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On April 9, 2019, the last sale price of the shares as reported on the Nasdaq Capital Market was $10.51 per share.

Gross proceeds of the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by PolarityTE, are expected to be approximately $27.5 million. PolarityTE intends to use the net proceeds from the offering for research, development and manufacturing of its products and product candidates, efforts toward commercialization and required registration or approval of its products and product candidates with applicable regulatory authorities, and for other general corporate purposes.

The average volatility for the week at 7.16% and for month was at 9.26%. There are 21.45M shares outstanding and 10.4M shares are floated in market. Right now the stock beta is 1.22. 

The stock identified change of 0.49% away from 52-week low price and recently located move of -77.64% off 52-week high price. It has market worth of $202.49M . PTE stock has been recorded -32.54% away from 50 day moving average and -46.98% away from 200 day moving average. Moving closer, we can see that shares have been trading -21.40% off 20-day moving average.

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