On Feb 7 2020 MGEN a clinical-stage biopharmaceutical company focused on the discovery and development of RNA-targeted therapies announced a $15 Million Public offering of comman stocks. Each share of common stock and accompanying one-half warrant is being sold for a combined purchase price of $1.00, for a gross deal size of $15.0 million.
Here is a short term trade Idea :
Buy Between $0.66 to $0.83.
Hold for 4-8 months.
Stop Loss and Risk:
$0.40. Also there is a risk of reverse stock split so keep an eye on that.
Key Catalyst for price increase:
- Expecting topline data in Q3 2020 from truncated Phase 2 SOLAR clinical trial of cobomarsen in CTCL
- Pursuing guidance from FDA on a clinical development plan for cobomarsen in ATLL; anticipate meeting in Q2 2020
- Focusing future pipeline efforts primarily on the development of MRG-229 for the treatment of IPF; preclinical data expected in Q2 2020
- Announces interim data from a Phase 2 clinical trial of remlarsen in keloid scars
- Announces additional reduction in work force as part of strategic shift and cost realignment