BUZZ-Tarsus Pharma dips after upsized $125 mln stock offering

Reuters03-13

** Shares of Tarsus Pharmaceuticals TARS.O down 2.9% to $45.75 before the bell as co raises more equity than targeted

** Irvine, California-based co late Weds sold ~2.8 mln shares at $44.50 for $125 mln gross proceeds

** Offering size increased from $100 mln, priced at 5.5% discount to last sale

** Co intends to use net offering proceeds to advance commercialization of its eye care drug, XDEMVY, develop its product pipeline, among other purposes

** With ~38.3 mln shares outstanding, co has $1.8 bln market cap

** Goldman Sachs, BofA, Barclays and Oppenheimer jt bookrunners for the offering

** Through Weds, stock down 15% YTD. Shares have risen roughly 50% over the past six months

** Avg rating among 8 analysts is "buy"; median PT of $71 implies ~51% upside to stock's last close - LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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