BUZZ-Benitec Biopharma tumbles on $100 mln stock offering

Reuters11-06
BUZZ-<a href="https://laohu8.com/S/BNTC">Benitec Biopharma</a> tumbles on $100 mln stock offering

** Benitec Biopharma's BNTC.O shares down 12.9% to $13.74 premarket after $100 mln follow-on priced

** Hayward, California-based firm early Thurs announced offering of ~5.93 mln shares and concurrent direct offering of ~1.48 mln shares at $13.50

** Offering price represents 14.4% discount to stock's last close

** BNTC intends to use net proceeds from the financing for continued development of product candidate programs, working capital and general purposes

** Leerink, TD Cowen and Evercore bookrunners for public offering and placement agents for direct offering

** BNTC has ~26.25 mln shares outstanding

** Through Weds close, shares up 25% YTD

** BNTC is developing therapeutics for life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD), a genetic disorder that causes progressive muscle weakness in the eyelids and throat

** Avg rating among 8 analysts covering BNTC is "strong buy" and median PT is $29.50, per LSEG

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

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

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment