BUZZ-Neurogene down after $125 mln equity raise

Neurogene Inc.

Neurogene Inc.

NGNE

0.00

** Shares of gene therapy developer Neurogene NGNE.O down 1.7% at $30.90 in premarket trading on Weds after $125 mln equity raise

** Rare neurological diseases-focused firm early Weds announces pricing offering of 3.5 mln shares and pre-funded warrants to buy 666,666 shares at $30

** Offering price is 4.6% discount to stock's last sale on Tues

** Co intends to use net offering proceeds to fund clinical development and pre-commercial activities for its lead program NGN-401, its treatment for Rett syndrome, and for working capital and other purposes, per the prospectus

** Leerink, Stifel, Guggenheim, LifeSci Capital and William Blair joint bookrunners

** NGNE has ~15.8 mln shares outstanding

** At Tues close, stock up ~53% YTD

** All 9 analysts covering the stock are bullish including 4 "strong buy" ratings; median PT $69, per LSEG data


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