Annexon extends gains after launching stock offering to fund neurological disorder drug

Annexon

05/06/2024 16:21

(Updates stock activity, recasts)
    ** Annexon's  ANNX.O  shares reverse premarket losses, and
last up 11.8% at $6.70 on Weds as biopharma firm seeks equity to
help fund its neurological disease drug
    ** ANNX shares on Tues closed up ~31% after co said ANX005
succeeded in late-stage study in patients with Guillain-Barré
syndrome (GBS)
    ** After the bell Tues, co commenced $125 mln stock offering
    ** Co plans to use net offering proceeds, along with
existing cash, to fund advancement of the drug in GBS, including
through BLA (biologics license application) submission with U.S.
FDA, and for development of other pipeline candidates
    ** It has ~92.4 mln shares outstanding for just north of
$600 mln market cap, per LSEG data
    ** JP Morgan, Jefferies, TD Cowen, BofA and Wells Fargo are
jt bookrunners for planned offering
    ** ANNX shares were trading around $3 a year ago
    ** All 7 seven analysts covering stock are bullish and their
median PT is $14

 (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))