BUZZ-Gene-editing firm Intellia falls on $180 mln stock sale
Jefferies Financial Group Inc. JEF | 0.00 | |
Intellia Therapeutics, Inc. NTLA | 0.00 |
** Shares of biopharma Intellia Therapeutics NTLA.O down 8.4% in premarket trading to $12.09 after $180 mln follow-on pricing
** Co announces ~16.7 mln shares at $10.75, which is an 18.6% discount to stock's last close
** On Mon, NTLA's stock finished session down >4% at $13.04 after co said its experimental gene-editing therapy reduced frequency of swelling attacks in late-stage trial
** Following the results, co said to start a rolling submission of its data to seek U.S. FDA's approval of the gene therapy next year
** After the bell Mon, NTLA launched $150 mln equity offering to fund clinical development and prepare commercial launch of its lead programs, R&D for other pipeline candidates, potential acquisitions, among other purposes, according to prospectus
** Jefferies, Goldman Sachs and Citigroup joint bookrunners
** Cambridge, Massachusetts-based NTLA had ~118.1 mln shares outstanding prior to this offering
** NTLA's stock edged up ~1% on Tues, putting it up 47% YTD
** Avg rating of 24 analysts covering the stock is "buy"; median PT $16, per LSEG data
