AlloVir tumbles on pricing $75 mln stock offering

Kalaris Therapeutics

22/06/2023 12:16

** AlloVir Inc's  ALVR.O  shares down 22.9% at $3.80 before
the bell as cell therapy firm's overnight follow-on prices
    ** ALVR on course to fall for 4th straight session
    ** Co late Weds announced 20 mln shares at $3.75 for $75 mln
raise
    ** Offering price represents ~24% discount to last sale
    ** Co plans to use net offering proceeds to complete
enrollment, achieve data readouts in all three ongoing Phase 3
trials for its lead multi-virus specific T-cell therapy
candidate, posoleucel, per the prospectus filing
    ** AlloVir has ~93.5 mln shares outstanding for $461 mln
market cap and ~40.4 mln shares of free float, per Refinitiv
data
    ** JP Morgan, Morgan Stanley and BofA jt bookrunners for
offering
    ** Through Weds close, ALVR down ~4% YTD but had risen ~31%
in Jun

 (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))