Alpine Immune Announces Equity Offering Totaling $75M

Alpine Immune Sciences (ALPN), a development-stage pharmaceutical company, has entered into a sales agreement with Cowen and Company, LLC to sell shares of the company’s common stock. Aggregate sales proceeds of up to $75 million will be generated through an “at the market” equity offering program under which Cowen will act as a sales agent.

As per the agreement, Alpine will set sale parameters, including the number of shares to be issued, the time period during which sales are requested to be made, limitation on the number of shares that may be sold in any one trading day, and any minimum price below which sales may not be made.

Also, Cowen is eligible to receive compensation amounting to 3% of the gross sales price per share of all shares sold. Alpine Immune will not be responsible for the sale of any shares. (See Alpine Immune stock chart on TipRanks)

On June 30, following the announcement to enter a clinical trial collaboration and supply agreement with Merck, H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on the stock with a price target of $21 (137.02% upside potential).

Pantginis said, “We are encouraged by this collaboration as it not only provides welcome resources and expertise to Alpine’s growing clinical pipeline, but is recognition of ALPN-202’s potential to expand its adoption in the clinical alongside validated and widely utilized assets already in the immuno-oncology space.”

Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Alpine Immune price target stands at $19.33 and implies upside potential of 118.2%.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Alpine Immune, with 13.7% of investors increasing their exposure to ALPN stock over the past 30 days.

Related News:
Apple Plans Hybrid Work Pilot for Retail Staff – Report
GMS Completes Acquisition of Westside; Street Says Buy
General Motors Inks Collaboration Deal for Low Cost Lithium Supplies