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NuCana's stock soars after withdrawing ADS offering, which triggered a big selloff

Tomi Kilgore

The U.S.-listed shares of NuCana PLC shot up 17% in premarket trade Friday, after the Scotland-based biopharmaceutical company said it was withdrawing its proposed offering of American Depositary Shares (ADS). The withdrawal comes a day after the shares plummeted 19.5% to a 1-year low, after the announcement of a $75 million ADS offering. "The company believes it is not in the best interest of its shareholders to raise equity capital in the current market environment," NuCana said in a statement Friday. The stock has tumbled 30.1% over the past three months through Thursday, while the iShares Nasdaq Biotechnology ETF has gained 3.7% and the S&P 500 has slipped 2.3%.