Why Nuvalent Stock Tanked on Tuesday
Nuvalent (NASDAQ: NUVL) is making hay while the sun shines, but investors are feeling a bit of a sunburn. The clinical-stage biotech announced a relatively large secondary share issue Monday night, and the market reacted by trading down the stock sharply Tuesday. It fell by over 8%, on a day when the S 500 index was more or less stagnant.
All told, Nuvalent will float just over 5.3 million shares of its Class A common stock in an underwritten public offering. The shares are priced at $56.
The cancer-focused biotech said that the underwriting syndicate, which is led by companies including Wedbush Securities, BMO Capital Markets, and Piper Sandler, has been granted a 30-day option to purchase more stock. Collectively, those companies will be able to buy another 803,571 shares.
Source Fool.com
Bank of Montreal Stock
With 6 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 110 € there is a positive potential of 40.38% for Bank of Montreal compared to the current price of 78.36 €.
