Longeveron Inc (NASDAQ:LGVN) shares are trading lower by 12.8% to $3.40 during Thursday's session after the company announced a $9 million registered direct offering of 2.2 million shares of its common stock at $4.025 per share.
The offering also consists of unregistered warrants for the same number of shares at $3.90 each. The total proceeds of approximately $9 million will be used for clinical development of Lomecel-B, regulatory approvals, capital expenditures, and other corporate needs.
The offering, managed by H.C. Wainwright & Co., is expected to close on July 19.
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Will LGVN Stock Go Up?
When trying to assess whether or not Longeveron will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $12.0 on Longeveron. The Street high target is currently at $12.0 and the Street low target is $12.0. Of all the analysts covering Longeveron, 2 have positive ratings, no one has neutral ratings and no one has negative ratings.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Longeveron is 90.4% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
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LGVN has a 52-week high of $36.50 and a 52-week low of $0.77.