🔴 Pyxis Oncology is trading 5.7% down today following private placement and broader biotech pullback

Pyxis Oncology is trading 5.7% down at $2.30 as weakness continues following its late-June private placement of up to $114 million in stock and warrants.

• The stock remains under pressure as the market continues to digest the dilutive impact of the recent financing deal involving common stock and warrants.
• Shares are also tracking a broader decline in the biotech sector, with investors taking profits following a strong recent rally.
• The downward move reflects increased pressure on smaller clinical-stage names as the SPDR S&P Biotech ETF pulls back from recent highs.