My completely uniformed opinion/wild guess is that someone knows something about how well the drug will work, or that somebody wants to buy the company outright so they can benefit from all the clinical trials that the company has done thus far.
The trading volume is also very weird, per Yahoo Finance:
finance.yahoo.com
Average daily volume:
505,911 sh
Today’s (Thursdays’) volume:
7,188,857 sh
A huge spike in trading volume but perhaps the fact that they selling more stock has something to do with it, but the jump in price suggests good news in the horizon.
ir.kalvista.com
KalVista Pharmaceuticals Announces Pricing of a $160.1 Million Public Offering of Common Stock and Pre-Funded Warrants
Feb 15, 2024
CAMBRIDGE, Mass. & SALISBURY, England--(BUSINESS WIRE)--Feb. 15, 2024-- KalVista Pharmaceuticals, Inc. (Nasdaq: KALV) (“KalVista”) today announced the pricing of its underwritten public offering of (i) 7,016,312 shares of its common stock at a price to the public of $15.25 per share and (ii) pre-funded warrants to purchase 3,483,688 shares of common stock in lieu of KalVista common stock to certain investors. The gross proceeds to KalVista from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by KalVista, are expected to be $160.1 million. In addition, KalVista has granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The pre-funded warrants will be immediately exercisable, and may be exercised at any time after their original issuance. The purchase price of each pre-funded warrant sold in this offering will be equal to the price at which a share of common stock is sold in the offering, minus $0.001, and the exercise price of each pre-funded warrant will equal $0.001 per share.
All of the shares of common stock and pre-funded warrants are being offered by KalVista. The offering is expected to close on or about February 20, 2024, subject to the satisfaction of customary closing conditions. |
