Biopharma co Invivyd tumbles on $125 mln stock sale

Invivyd's IVVD.O shares down 13.4% premarket to $2.46 after $125 mln follow-on priced

New Haven, Connecticut-based biopharmaceutical firm late Mon sold 50 mln shares, including 6 mln pre-funded warrants

Offering price of $2.50 is 12% discount to stock's last close

Shares closed up ~21% on Mon following ~33% gain on Fri. They had roughly doubled over the past 9 sessions

Co intends to use net offering proceeds for potential launch of its COVID-19 monoclonal antibody, VYD2311, continued R&D for pipeline programs such as respiratory syncytial virus (RSV) and measles

Cantor Fitzgerald sole bookrunner

IVVD has ~233.1 mln shares outstanding

Three analysts covering IVVD rate the stock "buy"; two have $10 PTs, the other has $2 PT, per LSEG data