Endocyte Shares Rise After Expectations Are Cut

NEW YORK (AP) - Shares of biotechnology company Endocyte are rising in afternoon trading, after the company slashed expectations for its initial public offering.

The stock rose 55 cents, or 9.2 percent, to $6.55 after the company dropped its offering price to $6 and boosted the number of shares to 12.5 million.

Previously, the company expected to offer just under 5.4 million shares at $13 to $15 apiece.

Meanwhile, Endocyte now expects to give underwriters the option to buy up to 1.8 million shares instead of 802,500 shares to cover excess demand.

Including the underwriters options, the company could see proceeds of up to $86.3 million.