Alpine Immune drops on pricing $150 mln share offering

Alpine Immune Sciences

07/11/2023 12:54

** Shares of Alpine Immune Sciences Inc  ALPN.O  down 10.9%
at $12.59 premarket after equity offering prices
    ** Co late Mon announced 12 mln shares, including pre-funded
warrants to buy 3.2 mln shares, at $12.50 for $150 mln gross
raise
    ** Offering price is 11.5% discount to stock's last sale
    ** ALPN shares surged 73% last week, sparked by positive
early-stage study data of its kidney drug candidate,
povetacicept, in autoimmune glomerulonephritis
    ** Co has ~49.2 mln shares outstanding for roughly $700 mln
market cap, per LSEG
    ** YTD, stock up 92% through Mon close 
    ** Morgan Stanley, TD Cowen and Leerink jt bookrunners for
offering, along with RBC

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))