Why Longeveron (LGVN) Shares Are Down 15%

Longeveron Inc LGVN shares are trading lower by 12.8% to $3.40 during Thursday’s session after the company announced a $9 million registered direct offering of 2.2 million shares of its common stock at $4.025 per share.

The offering also consists of unregistered warrants for the same number of shares at $3.90 each. The total proceeds of approximately $9 million will be used for clinical development of Lomecel-B™, regulatory approvals, capital expenditures, and other corporate needs.

The offering, managed by H.C. Wainwright & Co., is expected to close on July 19.

Read Also: Unemployment Claims Rise More Than Expected, Boosting Hopes For Rate Cuts As Cracks In Labor Market Emerge

Will LGVN Stock Go Up?

When trying to assess whether or not Longeveron will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $12.0 on Longeveron. The Street high target is currently at $12.0 and the Street low target is $12.0. Of all the analysts covering Longeveron, 2 have positive ratings, no one has neutral ratings and no one has negative ratings.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Longeveron is 90.4% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Longeveron, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

LGVN has a 52-week high of $36.50 and a 52-week low of $0.77.