Atreca (NASDAQ: BCEL) witnessed an unprecedented surge in its stock value, soaring over 118% on Thursday. The surge follows breaking news that a prominent investment advisor has acquired a substantial stake in a clinical-stage biopharmaceutical company.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Baker Bros. Advisors LP made a notable adjustment to its stake limit, raising it from 4.99% to 19.99% in Atreca (BCEL). This ownership comprises a combination of Class A shares of BCEL stock and convertible Class B shares that can be converted into Class A shares.
Atreca notes that the conversion of Class B shares to Class A shares, with a cap of a 19.99% stake in the company, is scheduled to take effect on February 21, 2024.
The heightened trading activity in BCEL stock was observed following the news. The traders had exchanged hands with 218,227,101 (218.22 million) BCEL shares yesterday compared to the average daily trading volume of 2.63 million. BCEL stock closed the regular trading session Thursday at $0.23.
In a related development, Immunome (NASDAQ: IMNM) has agreed to purchase a set of assets and materials related to antibodies from Atreca (NASDAQ: BCEL).
Under the terms of the agreement, Immunome will make an initial payment of $5.5 million to Atreca, along with potential additional payments of up to $7.0 million tied to clinical development milestones. The completion of this transaction is contingent upon meeting standard conditions, including Atreca securing the necessary stockholder vote.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
