Amylyx dips after increased $500 mln stock sale to fund blood sugar drug
BUZZ-Amylyx dips after increased $500 mln stock sale to fund blood sugar drug ** Shares of Amylyx Pharmaceuticals AMLX.O down 1.4% at $38.07 before the bell after $500.2 mln follow-on priced
** Cambridge, Massachusetts-based firm last Weds sold ~14.1 mln shares at $35.50, an 8% discount to last sale
** AMLX shares soared 64% to close at $35.11 on Tues after co said its blood sugar drug, avexitide, met main goal of improving post-bariatric hypoglycemia in a late-stage trial
** After the bell on Tues, co commenced $350 mln stock offering to fund pre-commercial activities for avexitide, R&D, and other purposes; its stock rose another 10% on Weds
** Leerink, Morgan Stanley, Guggenheim and LifeSci joint bookrunners for stock offering
** Through Weds, AMLX shares have more than tripled YTD for about $4.3 bln market cap
** 11 of 12 analysts rate the stock "strong buy" or "buy" and 1 "hold"; median PT $40, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Amylyx dips after increased $500 mln stock sale to fund blood sugar drug
Brief: Amylyx Pharmaceuticals Announces Pricing Of Upsized $500 Million Underwritten Public Offering Of Common Stock