AFMD - Affimed drops nearly 10% after filing for mixed securities shelf offering
Affimed (AFMD -10.3%) has lost about a tenth of its value to reach near a three-month low after the company filed a mixed securities shelf offering valued at $100M on Wednesday. The filing follows the Q3 results reported by the German biotech for 2021. Q3 results for the company indicated €198.7M of cash and cash equivalents at the end of the quarter, a ~35% increase from 2020 year-end. Meanwhile, the revenue mainly generated from its partnerships with Genentech and Roivant dropped ~18% YoY to €8.7M from €10.5M in the previous year. However, the company projects a cash runaway into H2 2023. On the R&D front, Affimed (NASDAQ:AFMD) says it expects to disclose data from a study for AFM13 in combination with NK cells at a company-sponsored event in mid-December. In September, Stifel initiated the coverage of Affimed (AFMD) with a Buy rating and a twofold rise in its share price.
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Affimed drops nearly 10% after filing for mixed securities shelf offering