BUZZ-CytomX drops on $250 mln equity raise

Reuters03-18 21:05
BUZZ-<a href="https://laohu8.com/S/CTMX">CytomX</a> drops on $250 mln equity raise

** CytomX Therapeutics CTMX.O shares down 3.7% before the bell at $5.25 after $250 mln follow-on priced

** South San Francisco, California-based firm late Tues announced ~47.2 mln shares, including pre-funded warrants to buy ~1.2 mln shares, at $5.30

** Offering price represents 2.8% discount to last close. CMTX shares retreated >19% on Tues after co commenced offering following promising colorectal cancer drug data

** Stock surged 44% on Mon after co said the drug, varsetatug masetecan (Varseta-M), continued to shrink tumors in patients who had already tried several treatments, in an early-stage trial

** Co expects to use net offering proceeds for continued development of Varseta-M and other pipeline programs, remainder for other purposes

** Jefferies, Piper Sandler, Cantor and Barclays joint bookrunners

** As of Tues, stock up ~28% YTD

** All 9 brokerages covering the stock are bullish and median PT is $10.50, per LSEG data

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

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

At the request of the copyright holder, you need to log in to view this content

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