BUZZ-Alpha Teknova shares plunge due to planned stock offering

October 20 - ** Shares of life sciences reagent producer Alpha Teknova (TKNO.O) plunged 24% to $5.60 in after-hours trading as the company seeks financing

** TKNO (link) launches a public stock offering, though the size of the deal was not disclosed

** TD Cowen and William Blair are serving as joint bookrunners

** The company plans to use the net proceeds for general corporate purposes, including potential debt repayment, and may also use a portion for acquisitions or investments in other businesses, products, and technologies

** The company, based in Hollister, California, has approximately 53.7 million shares outstanding, with a market capitalization of about $400 million

** The company expects (link) third-quarter revenue to be between $12.5 million and $12.7 million, with a net loss of $3.49 million to $3.69 million; as of September 30, cash and short-term investments stood at $16.6 million

** TKNO shares closed Tuesday up 8.7% at $7.39, with year-to-date gains of about 94%

** According to LSEG data, out of 8 analysts, 7 rate the stock a “Strong Buy” or “Buy,” and 1 rates it a “Hold”; the median price target is $9.50

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