Looking back to 48 days ago, Athenex Inc (NASDAQ:ATNX) priced a 10,000,000 share secondary stock offering at $11.00 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time. In trading on Wednesday, bargain hunters could buy shares of ATNX and achieve a cost basis even cheaper than those buyers, with shares changing hands as low as $10.93 per share.
Secondaries can often present buying opportunities for bullish investors interested in purchasing shares, because the sudden extra supply of stock tends to require that the offering be priced at an attractive discount to where the stock had previously been trading before the offering announcement. At last check, Athenex Inc shares are currently trading off about 3.8% on the day. The chart below shows the one year performance of ATNX shares, versus its 200 day moving average:
Looking at the chart above, ATNX's low point in its 52 week range is $5.63 per share, with $18.35 as the 52 week high point — that compares with a last trade of $11.05.
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