RTTNews | Oct 29, 2021 02:01PM EDT

14:01 Friday, October 29, 2021 (RTTNews.com) - Shares of 4D Molecular Therapeutics Inc. (FDMT) are slipping over 22% after the clinical-stage gene therapy company said it priced a secondary offering of 4.75 million shares at $25.00.

FDMT is currently trading at $23.96, down $6.89 or 22.33%, on the Nasdaq, on a heavy volume of 1.1 million shares, below average volume of 172 thousand shares.

4D Molecular Therapeutics announced that it priced an underwritten public offering of 4.75 million common shares at $25.00 per share. The proceeds from the offering are expected to be about $118.8 million.

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