Immunome slips after $400 mln stock sale

Shares of biotech co Immunome IMNM.O down 3.5% premarket at $22.65 after $400 mln follow-on priced

Bothell, Washington-based IMNM late Tues announced selling ~18.6 mln shares at $21.50, an 8.4% discount to last sale

IMNM shares jumped nearly 16% on Mon after co said its experimental drug, varegacestat, met main goal in late-stage study for patients with desmoid tumors

After the bell Mon, co launched $400 mln offering. IMNM shares added another 3.7% on Tues

Co plans to use net offering proceeds to fund potential commercial launch of varegacestat, continued commercial development and manufacturing scale-up for varegacestat, continued clinical and preclinical development of other pipeline assets, among other uses, per the offering prospectus

Leerink, JP Morgan, TD Cowen, Goldman and Guggenheim are joint bookrunners

Stephens analyst Melissa Roberts says in note that IMNM's capital raise qualifies for "immediate adjustment in market indexes", and estimates passive demand for 1.6 mln shares, or about one day of buying demand, in the Q4 rebalance after the close on Fri, Dec 19

Through Tues close, shares have more than doubled YTD

All 13 analysts are bullish and median PT is $33, per LSEG data