Why AlloVir Stock Is Tumbling After Hours

AlloVir Inc (NASDAQ:ALVR) shares are trading lower in Wednesday's after-hours session after the company proposed a public offering.

What Happened: AlloVir said it commenced a proposed underwritten public offering of $75 million worth of its common stock. The company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of shares in the offering.

AlloVir is a late clinical-stage cell therapy company focused on restoring natural immunity against life-threatening viral diseases in pediatric and adult patients with weakened immune systems.

ALVR Price Action: AlloVir has a 52-week high of $10.22 and a 52-week low of $3.23.

The stock was down 19.1% at $3.99 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.

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