Why IGM Biosciences (IGMS) Stock Is Trading Higher

IGM Biosciences Inc IGMS shares are trading higher by 11.69% to $9.89 Thursday morning after the company priced upsized public offering and concurrent private placement at $8.00 per share.

The company's upsized underwritten public offering of 3,285,327 shares of voting common stock and 7,312,500 shares of non-voting common stock at $8.00 per share. Also, the underwriters have a 30-day option to purchase up to an additional 1,589,673 shares of voting common stock.

See Also: What's Going On With AMD Stock?

The public offering is expected to close around June 26. Additionally, IGM plans to sell 2,812,500 shares of non-voting common stock in a private placement to certain investors affiliated with Redmile Group, LLC, at $8.00 per share.

The total gross proceeds from the public offering and private placement are estimated to be approximately $107.3 million.

According to data from Benzinga Pro, IGMS has a 52-week high of $28.20 and a 52-week low of $8.50.