Wave Life Sciences Ltd.’s stock
WVE,
tumbled 31% Thursday, after the clinical-stage pharma company priced a $100 million secondary share offering at $5 a share, or a discount over its closing price Wednesday at $6.87. The company sold 20 million shares in the deal and granted underwriters the option to purchase up an additional 3 million shares. JP Morgan and Leerink Partners were direct bookrunners on the deal with Mizuho and Truist acting as bookrunners and H.C. Wainwright & Co. and Raymond James acting as co-managers. Wave Life is focused on developing RNA medicines to treat genetically defined diseases for patients battling devastating diseases.
