Wave Life Sciences shares drop after larger-than-targeted equity raise

Wave Life Sciences

26/09/2024 18:33

(Updates stock activity, adds research sentiment)
** Shares of Wave Life Sciences  WVE.O  down 8.8% at $8.22 on
Thurs after co raises more equity than targeted
** Co late Weds announced $200 mln offering comprising ~23.1 mln
shares and ~1.9 mln pre-funded warrants for $200 mln gross
proceeds
    ** Offering size boosted from $175 mln and priced at $8
** WVE shares on Weds closed up 10% at $9.01 adding to 53% surge
on Tues after co's drug to treat some patients with Duchenne
muscular dystrophy (DMD) was safe and well-tolerated, according
to interim data from mid-stage study
    ** Co has ~124.7 mln shares outstanding for ~$1 bln market
cap and ~104.3 mln shares of public float, per LSEG
    ** JP Morgan and Leerink Partners jt bookrunners for stock
offering, joined by Truist and Mizuho
    ** 8 of 9 brokerages covering WVE are bullish, the other
rates "hold" and median PT is $16

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((mailto:lance.tupper@thomsonreuters.commailto:lance.tupper@tr.c
om 1-646-279-6380))