The Imugene Limited (ASX: IMU) share price isnât going anywhere right now. The stock has been put into a trading halt earlier this morning pending the announcement of a capital raising.
The Imugene share price last traded at 22.5 cents.
Letâs take a closer look at whatâs going on with the S&P/ASX 200 Index (ASX: XJO) biopharmaceutical favourite on Monday.
Why is the Imugene share price frozen on Monday?
The Imugene share price has been put in the freezer this morning as the company prepares to reveal a planned capital raising.
According to the companyâs request for a trading halt, the raise will âfacilitate investment from two new institutional investorsâ.
The stock will remain frozen until the company reveals more details or the market opens on Wednesday, whichever occurs first.
Imugene is an immuno-oncology-focused company developing therapies with the aim to treat cancerous tumours.
Its share price jumped nearly 7% last week on news it had dosed the first patient in its HER-Vaxx phase two trial.
The company reported a $37.9 million loss for financial year 2022, ending the period with around $99.9 million of cash.
Its coffers were bolstered by a $95 million capital raise in July 2021 when it offered new shares in the company for 30 cents apiece.
The Imugene share price has been underperforming lately. It has fallen 48% since the start of 2022. Itâs also currently 45% lower than it was this time last year.
For context, the ASX 200 has dumped 8% so far this year and 6% over the last 12 months.
The post Why is the Imugene share price on ice today? appeared first on The Motley Fool Australia.
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More reading
- Imugene share price leaps 5% on trial news
- What’s going on with the Imugene share price on Thursday?
- Here are the top 10 ASX 200 shares today
- Net loss doubles in FY22, so what’s with the Imugene share price today?
- Here are the top 10 ASX 200 shares today
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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