Immatics (NASDAQ:IMTX) stock is climbing higher on Monday after the clinical-stage biopharmaceutical company revealed details of an underwritten public offering.
The company has agreed to sell up to 10,905,000 shares of IMTX stock for a price of $10.09 each. That price matches the closing price for IMTX stock when markets closed on Friday. Also, the offering is set to close on Wednesday.
Immatics is expecting to raise $110 million from the stock offering. The company doesn’t say what it has planned for the funds it will raise from this offering. However, it notes that several specialist biotech investors are taking part in the offering.
News of the stock offering from Immatics brings heavy trading to IMTX shares. This saw some 333,000 shares on the move as of Monday morning. That’s already above its daily average trading volume of about 268,000 shares.
What Does Immatics Do?
Immatics is specifically focused on developing T cell receptors. Its goal is the creation of receptors that offer true targets for cancer immunotherapies. This works toward its Adoptive Cell Therapies and TCR Bispecifics pipelines.
Immatics is based out of Germany and was founded in 2000. Harpreet Singh leads the company as its CEO and also co-founded the company. He took on the role of CEO in 2019.
IMTX stock is up 7.2% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.