What happened On the back of two pieces of news released after market hours on Tuesday, Sarepta Therapeutics (NASDAQ: SRPT) stock fell by over 12% today. Investors were displeased with a company update about its fundamentals, and a new share issue. So what In separate press releases, Sarepta gave investors a glimpse of its upcoming third-quarter earnings release, and provided details of that share issue. Image source: Getty Images. The preliminary quarterly results were quite limited; Sarepta merely provided a rough figure for its net product revenue. The company anticipates this line item will be around $166.9 million; according to data compiled by Yahoo!, on average analysts covering the stock were modeling $167.7 million on the top line. Meanwhile, at the end of September Sarepta had around $1.6 billion in cash, equivalents, and investments. That's down, although not alarmingly so, from the $1.9 billion as of the end of December 2020. No other preliminary figures were provided. As for the share issue, Sarepta divulged that it is floating $500 million worth of its common stock in an underwritten public offering. The company said it also aims to grant the issue's underwriters a 30-day option to collectively buy up to an additional $75 million worth of that stock. Now what Sarepta will use the proceeds from this flotation "principally for the continuation of, and initiation of further, clinical trials, commercialization, manufacturing, business development activities, including the potential licensing or acquisition of complementary products, technologies and entities, and other general corporate purposes." The company didn't specify the timing of the new share issue. While the preliminary top-line number isn't far down from the average analyst estimate and the stock issue is not too dilutive, neither development is particularly encouraging. But Sarepta is a fairly resilient biotech, so those bullish on its prospects shouldn't be spooked by these latest news items. 10 stocks we like better than Sarepta TherapeuticsWhen our award-winning analyst team has 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.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Sarepta Therapeutics 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 September 17, 2021 Eric Volkman 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