Shares of Bluebird Bio fell on Monday after the company said it would sell its common stock in a public offering.
The stock was down 13% to $2.66 in after-hours trading, following a 6.7% fall at Monday’s close. Shares are down 56% this year.
The Somerville, Mass.-based company said it would sell $150 million of common stock. Bluebird said the underwriters would have a 30-day option to purchase up to an additional $22.5 million shares.
The company said it would use the proceeds to manufacture its approved gene therapies and for working capital.