What happened Shares of Intra-Cellular Therapies (NASDAQ: ITCI) fell as much as 13.6% today after the company announced the pricing of a public stock offering. The pharmaceutical company will offer up to 11.5 million shares at $29.50 apiece, which will raise up to $339.5 million in gross proceeds. While the business ended September with $255 million in cash, it reported an operating loss of $112 million in the first nine months of 2019. After receiving a surprise approval for Caplyta in the final week of December, the company is simply padding the balance sheet as it prepares for market launch. As of 10:26 a.m. EST, the pharma stock had settled to a 11.3% loss. Image source: Getty Images. So what Today's news isn't too surprising. Shares of Intra-Cellular Therapies gained 253% last month after the U.S. Food and Drug Administration (FDA) approved the company's antipsychotic drug Caplyta as a treatment for schizophrenia in adults. Considering operating losses, the soaring stock price, and the need to prepare for market launch and ramp-up activities, the public offering is a wise move by management. Now what Although the stock price has tumbled below the offering price, investors need to be cautious. Analysts think Caplyta could generate $60 million in revenue in 2020, but it would need to have a smooth launch in the first half of the year to have a shot at that level of early success. If Intra-Cellular Therapies can gain approval in additional psychiatric indications, analysts think the drug could reach peak annual sales of $400 million. Before getting carried away with the possibilities, though, investors should wait to see if the company can execute. 10 stocks we like better than Intra-Cellular TherapiesWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Intra-Cellular Therapies wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Maxx Chatsko has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source