BUZZ-Celcuity drops further after announcing $400 mln convertible offering
AstraZeneca PLC AZN | 0.00 | |
Celcuity Inc. CELC | 0.00 | |
Pfizer PFE | 0.00 | |
Novan, Inc. NOVN | 0.00 |
** Biotech firm Celcuity CELC.O shares down 2.6% at $89.05 early Weds as it seeks capital raise
** Minneapolis, Minnesota-based firm early Weds announces public offering of $400 mln convertible bonds (CBs) due 2032
** CELC shares plunged ~26% to close at $91.42 on Tues after its experimental breast cancer treatment underperformed a previous trial
** Gedatolisib, in combination with Pfizer's PFE.N Ibrance and AstraZeneca's AZN.L endocrine therapy Faslodex was tested in advanced breast cancer patients; the triple-drug combo extended progression-free survival (PFS) by 11.1 months compared to 5.6 months in patients who received Faslodex and Novartis' NOVN.S Piqray
** CELC intends to use net offering proceeds from the CBs to fully repay loan with Oxford Finance, LLC, and remainder for working capital and general purposes
** Jefferies, JP Morgan, TD Cowen and Guggenheim joint bookrunners
** With move on Weds, stock down ~11% YTD. Stock was trading around $12 a year ago
** All 12 analysts covering the stock are bullish, including 5 "strong buy" ratings; median PT $160, per LSEG data