Biotech Aravive drops after pricing deep-discounted stock offering
27/11/2019 13:44
** Aravive Inc ARAV.O down 18.1% to $7.70 after co prices
its follow-on. Stock biggest loser across U.S. exchanges before
the bell
** Drug developer sells ~3.3 mln shares at $7.50, 20%
discount to stock's Tues close urn:newsml:reuters.com:*:nGNX7mL596
** As reported earlier, co raises $25 mln for research,
development and manufacturing of product candidates, and for
other general corp purposes
** Offering represents about 30% of ARAV shares outstanding
** Co had ~$45 mln of cash on hand at end-Sept (See filing https://www.sec.gov/Archives/edgar/data/1513818/000119312519301276/d837171d424b5.htm)
** On Nov 20, ARAV more than doubled to $15.62 before easing
to end session up 44% at $9.64 after co announced new positive
data from ongoing early stage clinical trial of ovarian cancer
drug urn:newsml:reuters.com:*:nGNXb4kz8Y
** ARAV has soared 167% YTD
** All 3 brokerages covering ARAV recommend buying the
stock; PTs range from $15-$31 (Refinitiv data)
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