ArriVent BioPharma drops after $75 mln equity raise

ArriVent BioPharma's AVBP.O shares down 4.3% premarket at $20 after overnight follow-on priced

Newtown Square, Pennsylvania-based late Tues announced ~3.8 mln shares, including pre-funded warrants to buy ~1.4 mln shares, for $75 mln gross proceeds

Offering price of $19.50 is 6.7% discount to stock's last sale

Co to use net proceeds to support activities for lead candidate, firmonertinib, its treatment for non-small cell lung cancer, and other pipeline programs, among other general purposes

Goldman Sachs, Citigroup and Guggenheim are jt bookrunners for offering

ArriVent has ~34.2 mln shares outstanding for ~$715 mln market cap

AVBP shares on Tues fell 4% to $20.89, stretching YTD loss to ~22%

All 8 analysts are bullish on AVBP with avg rating of "strong buy" and median PT is $40, latest LSEG data reflects