Allogene tumbles on $175 mln stock offering after cancer therapy data

Allogene Therapeutics' ALLO.O shares down 14.5% to $2.62 on Tues as it seeks equity raise after interim blood cancer therapy data

Shares on course for largest daily pct drop in about six months

ALLO shares finished up 12.5% at $3.06 on Mon after co said a mid-stage study showed its experimental CAR-T therapy reduced the risk of cancer relapse

After the bell Mon, ALLO announced $175 mln stock offering for general purposes, including clinical trial, R&D and other expenses, and capex

Goldman Sachs, Jefferies and TD Cowen joint bookrunners

South San Francisco-based ALLO has ~243.8 mln shares outstanding for ~$750 mln market cap at last close

With the move on Tues, shares up ~91% YTD

Avg rating of 15 analysts covering ALLO stock is "buy"; median PT $8.50, per LSEG data