Inspire Pharmaceuticals has priced the issuing of new stock at $12 a share.

The price is below Monday’s closing price of $12.71.

Inspire (Nasdaq: ISPH) took a 9.8 percent hit in its price on Monday, dropping $1.38.

Inspire plans to sell 6 million shares. Its underwriters have the option to purchase another 900,000.

Inspire’s stock has ranged between $10.76 and $21.37 over the past year.