By Stephen Nakrosis
Shares of pharmaceutical company Inhibikase Therapeutics Inc. are trading lower in Friday's after-hours market, after the company filed with the U.S. Securities and Exchange Commission for a firm commitment public offering of 8 million shares of common stock, which the company said was "based on an assumed public offering price of $5.65 per share," the last reported sales price of its common stock on June 7.
At 5:13 p.m. ET, the company's shares were trading 13.53% lower, at $5.15 a share. Volume at the time topped 2,500 shares.
The company's stock finished the day's regular session with a 3.31% loss, closing at $5.95.
Inhibikase said it is developing therapeutics to "modify the course of Parkinson's disease and related disorders inside and outside of the brain."
The company has a market cap of $61.97 million, 10.06 million shares outstanding and a public float of 3.3 million shares.
--Write to Stephen Nakrosis at [email protected]