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AlloVir Tanks after Stock Offering
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AlloVir Tanks after Stock Offering

Shares of late clinical-stage cell therapy company, AlloVir (NASDAQ: ALVR) tanked in pre-market trading at the time of writing on Thursday after the company announced the pricing of its public offering of 20 million shares of its common stock at a price of $3.75 per share. The gross proceeds to AlloVir from the offering, before deducting underwriting discounts and commissions are expected to be $75 million.

In addition, AlloVir stated in its press release that it has “granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.” The offering is expected to close on or about June 26, subject to customary closing conditions.

Overall, analysts remain bullish about ALVR stock with a Strong Buy consensus rating based on a unanimous three Buys.

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