Sellas Lift Sciences stock plunges to pace premarket decliners after stock, warrants offering

Shares of Sellas Life Sciences Group Inc.
SLS,
-3.40%
plunged 36.9% toward a two-month low in premarket trading Friday, after the biopharmaceutical company focused on cancer treatments announced the launch of a public offering of common stock and warrants to buy stock. The selloff was enough to make the stock the leading premarket decliner on major U.S. exchanges. In filings late Thursday, the company indicated that it had not yet determined the number of shares or warrants it would be selling, or the expected price, but did say all of the securities would be sold by the company. Cantor Fitzgerald is acting as the sole book-running manager for the offering. The offering comes after the stock had soared 56.4% year to date through Thursday, while the iShares Biotechnology exchange-traded fund
IBB,
-0.31%
had lost 1.7% and the S&P 500
SPX,
+0.53%
had gained 4.5%.