LBIO > Lion Biotechnologies' stock rockets in active trade after receipt of $100 million investment
- DJNF
Shares of Lion Biotechnologies Inc. (LBIO) rocketed to a 10-month high Friday, on more than 50 times the daily average volume, after the biotechnology company said it raised $100 million in a private placement of shares. Volume was 9.1 million shares in afternoon trade, compared with the full-day average of about 180,000 shares over the past 30 days, according to FactSet. The company said early Friday it entered into agreements with institutional and other accredited investors to sell a total of 9.7 million common shares at $4.75 each, and 11.4 million Series B preferred non-voting shares, also at $4.75 each. The Series B shares will become convertible to one share of common stock. Separately, Lion said it named Maria Fardis as its Chief Executive, replacing Elma Hawkins, how had been CEO since January 2015. The stock was now up 8.3% year to date, while the S&P 500 has gained 2.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 03, 2016 15:24 ET (19:24 GMT)
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