Adaptimmune’s stock tumbles after plans for public stock offering

Shares of Adaptimmune Therapeutics PLC
tumbled 11% in premarket trading Monday, after the biopharmaceutical company focused on cancer treatments said it planned a public offering of 12.5 million shares. That represents about 9.6% of the shares outstanding. The company also plans to grant the underwriters of the offering options to buy additional shares to cover overallotments. Cowen and SVB Leerink are the joint book-running managers. The stock has more than tripled (up 206%) over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF
has rallied 18.3% and the S&P 500
has gained 3.1%.

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