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
Our community is currently high on Bank of Montreal with 11 Buy predictions and 3 Sell predictions.
However, we have a potential of -9.98% for Bank of Montreal as the target price of 144 € is below the current price of 159.96 €.
