Impel NeuroPharma (NASDAQ: IMPL) shares are down premarket on Friday after it announced its $45 million public offering pricing.
The company is offering 3 million shares of its stock at a price of $15 per share. Before deducting expenses, the gross proceeds from the offering are expected to be $45.0 million.
In addition, Impel has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of stock at the offering price. The offering is expected to close on September 14.
Cowen and Guggenheim Securities are acting as joint bookrunning managers for the proposed offering.
Thursday saw the company's shares gain 27.25%, closing at $21.13 a day after it announced the public offering.
However, premarket on Friday has seen Impel shares resume their fall, currently trading at $18.35, down 13.87%
Only last week, Cowen analyst Ken Cacciatore raised the firm's price target on Impel NeuroPharma to $55 from $35, keeping an Outperform rating.
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