=Aratana Therapeutics (PETX) cancels stock offering after shares plunge

Aratana Therapeutics (PETX) canceled plans for a stock offering Tuesday afternoon, one day after it announced the equity issuance and saw its share price plunge in response. The pet-medicine company said in a news release late Tuesday that it was canceling the offering because "current market conditions are not conducive for an offering." After announcing plans to sell at least $35 million in fresh shares Monday evening, Aratana stock plunged 19% in Tuesday's regular trading session to close at $5.86. The stock rebounded after the offering was canceled Tuesday, gaining more than 10% to hit $6.50 in after-hours trading.