Phio Pharmaceuticals shares fall 10.08% premarket after selling stockholders file 11.8M share offering.

Phio Pharmaceuticals fell 10.08% in premarket trading following its announcement that selling stockholders filed for an offering of up to 11.8 million common shares. The large-scale equity offering, disclosed in SEC filings, typically signals potential dilution and capital-raising activities, which are often viewed negatively by investors. While H.C. Wainwright analyst Matthew Keller reiterated a Buy rating with a $14.00 price target earlier, the bearish market reaction suggests the share offering overshadowed the analyst commentary. The move reflects investor concerns over equity dilution and potential downward pressure on the stock price.