Inovio Pharma plummets on stock-and-warrants sale
BUZZ-Inovio Pharma plummets on stock-and-warrants sale ** Inovio Pharmaceuticals' INO.O shares plummet 21.3% premarket on Thurs to record low of 82 cents after $20 mln follow-on priced
** Biotech firm late Weds announced ~21.1 mln shares and warrants to buy up to an additional ~42.1 mln shares
** Offering priced at 95 cents vs stock's last close of $1.04
** Plymouth Meeting, Pennsylvania-based INO has ~82.3 mln shares outstanding as of May 12
** Co intends to use net offering proceeds primarily for preparing for potential commercial launch of INO-3107, if approved, per the prospectus
** INO-3107 is a potential treatment for recurrent respiratory papillomatosis, characterized by growth of benign, wart-like tumors in the respiratory tract, most commonly on the vocal cords
** Piper Sandler sole bookrunner for offering
** Through Weds, INO shares shed 40% YTD
** 2 analysts covering the stock rate it "buy", the other 2 rate "hold"; median PT $2.50, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))