From Tripling Of NASDAQ: NKTX To Closing At $290M IPO
Nkarta Inc., a biopharmaceutical enterprise trading its stock as NASDAQ: NKTX, announced its preliminary public offering of 14,000,000 common stock shares pricing them each at $18.00 ON July 10.
About the company
The company is a clinical-stage one and has the objective of combining cryopreservation platforms and natural killer cell expansion along with cell engineering technologies to generate the adequate delivery of NK cells. The NK cells improved by engineering give better identification of targets with tumors. Consequently, they would be able to provide better persistence to the body in the fight against cancer.
Prominent competitors of NASDAQ: NKTX at https://www.webull.com/quote/nasdaq-nktx in the market are NASDAQ: FATE, NASDAQ: CRSP, NASDAQ: ALLO, NASDAQ: CLLS, NYSE: TAK and NASDAQ: CYAD. All the medicines by the company, including those meant for treating myeloid leukemia of acute nature as well as myelodysplastic syndrome are currently in the preclinical stage.
Upsizing the number of shares
Attaining a huge IPO, Nkarta, upsized its sold shares of NASDAQ: NKTX from 10M to 14M. The shares which are priced for the public at $18 also had an expected price range of $16-$17. The overall amount raised by this public offering amounted to $252M.
It is worth considering that some part of the money might have been left at the table by the insiders. This is because we can see that the stock initially began to be traded big at $54.75, which is even higher than 3 times the IPO of the stock. The price of the NASDAQ: NKTX then went up to $58 and was being traded at $50.81 as of July 10.
The IPO was closed by Nkarta at 16.1M with the value of common shares as mentioned at $18 per share. This included the complete deduction of over-allotment of underwriters’ share of 2.1M. The gross proceeds amounted to $289.8M. On July 14 the shares closed at $36.05M which is more than 100% of the price offered.
Such upsizing is being seen as a surprising move by the company. There are clear indications of growth. The rise in the share was the direct outcome of a significant disclosure by the company. This disclosure constituted the information regarding the reduced rate of mortality in patients affected with coronavirus. The backing behind this information was made through the clinical trial accomplished in India by a partner company of Nkarta, Bitcoin.
As the current global situation moves around the treatment of and vaccination against the coronavirus, the health industry has a lot on its plates already. The company is already among the best performers and what will become of its competitors remains to be seen. You can buy stocks online after checking more stock news. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.
