Immunomedics sinks after raising $30M in follow-on

Antibody-drug conjugate developer Immunomedics Inc. (NASDAQ:IMMU) fell $0.79 (24%) to $2.49 on Wednesday after raising $30 million through the sale of 10 million shares at $3 in a follow-on underwritten by Wells Fargo. Each share comes with a two-year warrant to purchase a share at $3.75.

Immunomedics proposed and priced the offering before market hours on Wednesday. The $3 offering price is a 9% discount to Immunomedics' Tuesday close of $3.28. ...