Clinical-stage immuno-oncology corporation, IMV Inc (NASDAQ:IMV) saw a huge surge in its shares on July 23, 2021, witnessing spike of 24% today as Wells Fargo analyst Nick Abbott initiated coverage with “Overweight” $14 price target.
Abbott said that he foresees tremendous potential upside from current levels leading to value creation thanks to near-term events for the vaccine candidate maveropepimut-S in third quarter, that can identify patient enrichment strategy to be used in trial.
IMV also announced closing of its previously-announced underwritten public offering of 14,285,714 units at a price of US$1.75 per Unit to the public, which would bring about US$25 million of gross proceeds, before deducting underwriting commissions and Offering expenses.
Comprising of one common share and three-quarters of one common share purchase warrant, every warrant enables holder to purchase one common share at a price of US$2.10 per common shareuntil July 20, 2026. If warrants are completely exercised, it would represent approximately $22.5M of additional gross proceeds.
The firm aims to harness proceeds to carry on clinical development of maveropepimut-S in diffuse large B cell lymphoma ,breast cancer, ovarian cancer, bladder cancer and microsatellite instability high as well as continue development of its proprietary drug delivery platform.
Market Reaction:
As of 12:13, IMV stock soared 23% at $2 with more than 56.90 million shares, compared to its average volume of 517k shares. The stock has moved within a range of $1.9150 – 2.4100 after opening the trade at $2.27. Over the past 52-week, the stock has been trading within a range of $1.3100 – 5.7300.
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