ImmuCell Corporation (ICCC) Shares Plunge on Secondary Offering Pricing

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ImmuCell Corporation (NASDAQ:ICCC) today announced the pricing of a secondary offering of common stock shares, and this has subsequently caused the stock to fall over 20% in morning trading. The company says that they will be offering 1.123 million shares of common stock at a price of $5.25 million. This will allow them to raise an additional $5.3 million in funding to help them create a facility that will produce Nisin, which is the main ingredient in their Mast Out mastitis drug for dairy cows.

Mast Out is still considered to be a “subclinical” treatment, but the company has a lot of faith in it, and evidently they believe raising over $5 million to help in the production should go a long way in bringing in more profits in the future.

The stock is down 22.48% or $1.74 following the news, hitting $6 per share. About 122,283 shares traded hands or 2686.76% up from the average. ICCC has declined 1.40% since June 24, 2015 and is downtrending. It has outperformed the S&P500 by 8.81%.

The institutional sentiment increased to 2.67 in Q2 2015. It’s up 1.67, from 1 in 2015Q2. The ratio is positive, as 0 funds sold all their ImmuCell Corporation shares they owned while 3 reduced their positions. 5 funds bought stakes while 3 increased their total positions. Institutions now own 4.46 million shares which is 1741.40% more than the previous share count of 242,343 in 2015Q2.

Healthinvest Partners Ab holds 0.38% of its total portfolio in ImmuCell Corporation, equating to 108,750 shares. Minerva Advisors Llc owns 14,559 shares representing 0.06% of their total US portfolio. Moreover, Essex Financial Services Inc. has 0.04% of their total portfolio invested in the company, equating to 23,776 shares. The New York-based Shufro Rose & Co Llc has a total of 0.03% of their portfolio invested in the stock. Grt Capital Partners L.L.C., a Massachusetts-based fund reported 11,475 shares owned.

Since September 16, 2015, the stock had 1 insider purchase, and 0 selling transactions for a total of $1,190 in net activity. Wainman Paul R bought 175 shares worth $1,190.

ImmuCell Corporation is an animal health company. The company has a market cap of $18.33 million. The Firm is engaged in the development, acquisition, manufacture and sale of products that improve the health and productivity of cows for the dairy and beef industries. It has 17.88 P/E ratio. The Firm has developed products that provide immediate immunity to newborn dairy and beef cattle and is developing a new product that addresses mastitis.