Allena slips after pricing $74.7M IPO

Allena Pharmaceuticals Inc. (NASDAQ:ALNA) dipped $4.02 (29%) to $9.98 on Thursday after it raised $74.7 million through the sale of 5.3 million shares at $14 in an IPO underwritten by Credit Suisse, Jefferies, Cowen and Wedbush PacGrow. The price valued Allena at $288.7 million.

Allena priced the offering at the bottom of its proposed range. Last month, Allena hoped to sell 5.3 million shares at $14-$16. At the $15 midpoint, it would have raised $80 million and been valued at $309.3 million. Allena originally proposed to raise $92 million (see BioCentury Extra, Oct. 9)...