Viking Therapeutics sheds on pricing $250M stock offering

Viking Therapeutics (NASDAQ:VKTX) shares are down 4.27% premarket after the firm has priced its underwritten public offering of 17.24M shares of its common stock at a price to the public of $14.50/share for expected gross proceeds to be ~$250.0M.
Underwriters are granted a 30-day option to purchase up to 2.59M additional shares of its common stock on the same terms and conditions.
Offering is expected to close on or about April 3, 2023.
Net proceeds from the offering will be used for continued development of its VK2809, VK2735 and VK0214 programs and for general research and development, working capital and general corporate purposes.
Source: Press Release