Axovant Gene Therapies falls on $65 mln stock offering

Sio Gene Therapies

20/02/2020 12:18

** Axovant  AXGT.O  shares down 11% premarket after co
prices follow-on
    ** AXGT offers ~14 mln common shares and pre-funded warrants
to buy ~3.3 mln shares for $65 mln raise to fund its
neurological disease product candidates  urn:newsml:reuters.com:*:nGNX9Fv7dn
    ** Majority shareholder Roivant Sciences indicated interest
in buying up to $20 mln of shares, per filing https://www.sec.gov/Archives/edgar/data/1636050/000104746920000944/a2240748z424b5.htm
    ** Deal prices at 14.4% discount to stock's Weds close and
represents ~75% of AXGT's shares outstanding
    ** SVB Leerink sole bookrunner for offering 
    ** Stock has more than halved over past one year
    ** 6 of 8 analysts rate AXGT "buy" or stronger, 2 are
neutral; median PT is $16.50 with targets ranging from $13-$44
(Refinitiv data)

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))