Inovio tumbles on $75 mln stock sale for rare throat disease drug
BUZZ-Inovio tumbles on $75 mln stock sale for rare throat disease drug ** Shares of Inovio Pharmaceuticals INO.O tumble 20% to $1.16 in premarket trading on Fri after $75 mln follow-on priced
** INO late Thurs sold ~71.4 mln shares, including pre-funded warrants, at $1.05
** Offering priced at 27.6% discount to stock's last sale of $1.45
** On Mon, INO shares more than tripled to finish at $1.89 after the US FDA approved co's rare throat disease treatment, branded as Voceryq
** INO intends to use net offering proceeds to fund commercial launch of Voceryq, for development of its clinical pipeline among other purposes, per the prospectus
** Jefferies and Piper Sandler joint bookrunners
** Plymouth Meeting, Pennsylvania-based INO has ~110.2 mln shares outstanding as of Sept 30
** All three analysts covering the stock are bullish and their PTs are $3, $5 and $8, per LSEG data
(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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