Tevogen Shares Drop After $100 Million Revenue Target; Deal Risk Eyed
Tevogen Bio Holdings Inc. shares slipped Friday after the company said its planned acquisitions, if they happen, could add around $100 million a year in revenue. The stock, which trades on Nasdaq, finished at $7.91, down 1.6%. Tevogen Bio is off 31.6% for the last five days and has dropped 52.2% so far this year, according to MarketScreener. Tevogen is trying to shift from a clinical-stage immunotherapy story to a healthcare platform play, pushing the idea of possible near-term revenue. The company hasn’t reported any product revenue so far, and in its latest quarterly filing said it doesn’t expect any unless it gets marketing approval and commercializes TVGN 489 or another candidate.