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.
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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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