Here's Why Syros Pharmaceuticals Is Collapsing Today

Shares of Syros Pharmaceuticals (NASDAQ: SYRS) fell more than 26% today after the development-stage company announced the pricing of a stock offering. The business will sell roughly 8.7 million shares of common stock at $7.50 per share, in addition to warrants allowing the purchase of additional shares of common stock in the future. All of the transactions are expected to raise approximately $70 million in gross proceeds.