Biopharma co Nuvalent slips after upsized $500 mln stock offering priced

Monami

17/09/2024 12:46

** Nuvalent's  NUVL.O  shares down 2.9% premarket to $108.89
after upsized follow-on priced
    ** Biopharma firm late Mon announced 5 mln shares at $100
for $500 mln raise
    ** Deal size boosted from $350 mln, priced at 10.8% discount
to stock's last sale
    ** NUVL shares on Mon surged 28.2% to record high close
$112.17 after co presented promising data from early-stage study
for its cancer therapy, NVL-655
    ** With ~64.8 mln shares outstanding, co has ~$7.3 bln
market cap, per LSEG data
    ** Through Mon, stock up 52% YTD and was trading around $45
a year ago
    ** JP Morgan, TD Cowen, Jefferies and Stifel are jt
bookrunners for stock offering

 (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))