Alpha Teknova tumbles on deep-discounted $40 mln stock sale
BUZZ-Alpha Teknova tumbles on deep-discounted $40 mln stock sale ** Molecular biology reagents maker Alpha Teknova's TKNO.O shares tumble 30.7% before the bell to $5.12, a more than two-month low, after $40 mln follow-on priced
** TKNO late Tues announced 8 mln shares at $5, a 32.3% discount to last sale
** TD Cowen and William Blair joint bookrunners
** Co intends to use net offering for general corporate purposes, including potential repayment of debt, and may use a portion for acquisitions or investments in other businesses, products, and technologies
** Hollister, California-based firm has ~53.7 mln shares outstanding
** Through Tues, TKNO stock had surged ~94% YTD
** 7 of 8 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $9.50, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))