IMV Inc (NASDAQ:IMV) Stock Slumps To a New Low: A Good Opportunity?

In recent times, the IMV Inc (NASDAQ:IMV) stock has not had a particularly great time and the trend continued on Thursday. There was no news about the company yesterday, but the stock suffered a selloff nonetheless and tanked by as much as 29%.

In this situation, it might be a good move from investors to perhaps take a look at a key development from back in June. Back on June 15, the company had announced the pricing of its underwritten public share offering that had been announced previously. The company decided to offer as many as 14.3 million shares for $1.75 each for generating gross proceeds of around $25 million.

However, in this regard, investors also need to keep in mind that the offer price also reflected a hefty discount of as much as 16% from the closing price of the on the previous day, June 14. That may have been one of the reasons why the IMV stock had actually declined sharply after the announcement was made by the company. Additionally, each unit that was offered by the company consisted of one share of the IMV common stock and three fourths of a single share purchase warrant.

Market Reaction:

On Thursday, IMV stock slumped 19% at $1.48 with more than 5.43 million shares, compared to its average volume of 178K shares. The stock had moved within a range of $1.4400 – 1.6900 after opening the trade at $1.67. Over the past 52-week, the stock has been trading within a range of $1.4400 – 6.3100.