$100M Stock Offering Sends Regenxbio Down 13%
RGNX sits 79% above its 52-week low of $5.455 on elevated volume (2.2× avg).
Summary
Regenxbio priced a $100M public offering at $9 per share—a 7.6% discount to the prior close—with 10M shares and 1.1M pre-funded warrants. The stock fell 13% on the dilution and discount. This follows a $100M AbbVie milestone payment in late June and a preliminary prospectus filed yesterday; the quick launch suggests urgency to shore up cash amid going concern doubts. The deal is expected to close July 20, with a 30-day underwriter option for 1.7M additional shares.
At the time of this announcement, RGNX was trading at $9.75 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $503.8M. The 52-week trading range was $5.46 to $16.19. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.