Alpine Immune Sciences falls after $100 mln stock deal

Alpine Immune Sciences

21/09/2022 14:51

(Updates stock activity)
    ** Alpine Immune Sciences Inc's  APLN.O  shares reverse
slight premarket gain, last down 6.1% at $6.90 after overnight
follow-on prices
    ** ALPN falling for 3rd straight session
    ** Co late Tues offered 13.6 mln shares at $7.35, in-line
with stock's last sale  urn:newsml:reuters.com:*:nBw3PDCsBa
    ** Co to use net proceeds to fund clinical development of
its autoimmune, cancer and lupus drug candidates
    ** At end-Jun, co had $201.2 mln of cash on hand, per
prospectus filing https://www.sec.gov/Archives/edgar/data/1626199/000162619922000065/a424b52021prosuppprojectyo.htm
    
    ** Offering size represents half of co's public float of
shares, per Refinitiv data
    ** Morgan Stanley, SVB Secs and Cowen jt bookrunners
    ** ALPN down 50% YTD with decline on Weds
    ** 323,112 shares have traded so far on the session vs
stock's 25-DMA volume of 36,970, per Refinitiv
    ** Avg rating among 4 analysts is "strong buy"; median PT
$21 - Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))