Why AlloVir Stock Is Diving Thursday

AlloVir Inc ALVR shares are trading lower after the company priced a public offering of common stock.

What Happened: AlloVir commenced a proposed underwritten public offering of 20 million shares after the bell on Wednesday. The company said it will price the offering at $3.75 per share. 

Gross proceeds from the offering are expected to total $75 million. AlloVir also granted the underwriters a 30-day option to purchase up to an additional 3 million shares at the public offering price.

AlloVir is a late clinical-stage cell therapy company focused on restoring natural immunity against life-threatening viral diseases in pediatric and adult patients with weakened immune systems.

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ALVR Price Action: AlloVir has a 52-week high of $10.22 and a 52-week low of $3.23.

The stock was down 23.3% at $3.78 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.