Amylin, AIG: After-Hours Trading
NEW YORK (TheStreet) -- Shares of Amylin Pharmaceuticals(AMLN) fell in late trades on Wednesday after the drug developer announced plans to sell additional common stock.
The company has yet to determine how many additional shares it plans to issue or at what price but by increasing the amount of outstanding stock, the holdings of existing shareholders will be correspondingly diluted.
In a regulatory filing, Amylin said it plans to use the proceeds of the offering for the "commercialization of BYDUREON, as well as for general corporate purposes which may include research and development expenses, capital expenditures, working capital and general administrative expenses."
The stock was last quoted at $15.41, down 4.7%, on volume of 232,000, according to Nasdaq.com. Based on Wednesday's regular-session close at $16.17, Amylin shares have soared 40% since the start of 2012, hitting a 52-week high of $18.45 on Feb. 17.
The company received approval of Bydureon, a weekly treatment for type 2 diabetes, on Jan. 27, and the drug became available by prescription in the United States on Feb. 13.
Check out TheStreet's quote page for Amylin for year-to-date share performance, analyst ratings, earnings estimates and much more.
Shares of insurance giant American International Group(AIG) ticked lower in extended trades following news that the U.S. Treasury is selling $6 billion worth of its bailout-related holdings in the company.
The stock was last quoted at $29, down 1.5%, on volume of more than 3.4 million, according to Nasdaq.com.
AIG itself is expected to purchase up to $3 billion worth of the stock being sold by the Treasury, which will still have nearly $42 billion sunk into the company following its 2008 bailout. AIG shares are up more than 25% year-to-date.
Check out TheStreet's quote page for AIG for year-to-date share performance, analyst ratings, earnings estimates and much more.