Neurogene drops after starting equity offering
BUZZ-Neurogene drops after starting equity offering ** Shares of gene therapy developer Neurogene NGNE.O down 4.6% post-market to $30 as it seeks equity raise
** Neurological diseases-focused NGNE commences offering of stock and pre-funded warrants; deal size not disclosed
** Co intends to use net offering proceeds to fund clinical development of NGN-401, pre-commercial activities for NGN-401, and for working capital and other purposes
** Leerink, Stifel, Guggenheim, LifeSci Capital and William Blair joint bookrunners
** NGNE has ~15.8 mln shares outstanding for about $500 mln market cap
** Stock closed down 2.6% at $31.45 on Tues, trimming YTD gain to ~53%
** All 9 analysts covering the stock are bullish including 4 "strong buy" ratings; median PT $69, 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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