BUZZ-IDEAYA Biosciences drops on $300 mln equity raise
IDEAYA Biosciences IDYA | 0.00 | |
Jpmorgan Chase JPM | 0.00 | |
Tango Therapeutics, Inc. TNGX | 0.00 | |
Revolution Medicines RVMD | 0.00 |
** IDEAYA Biosciences' IDYA.O shares down 9.8% before the bell on Tues to $28.40 after $300 mln overnight follow-on priced
** IDYA late Mon sold ~5.56 mln shares and pre-funded warrants to buy ~5.56 mln shares at $27, a 14.2% discount to last sale
** JP Morgan, Jefferies, TD Cowen, UBS and Cantor joint bookrunners
** Co intends to use net offering proceeds for clinical development/potential commercialization of its drug darovasertib for uveal melanoma, advance its broader pipeline of oncology product candidates, and general purposes, per the prospectus
** Last week, IDYA announced clinical collaboration with Swiss pharma giant Roche ROPC.S in combination study in MTAP-deleted RAS-mutant pancreatic cancer
** IDYA shares finished up ~11% on Mon, appearing to get a boost on news that Tango Pharmaceuticals' TNGX.O experimental pancreatic cancer drug vopimetostat, in combination with Revolution Medicines' RVMD.O daraxonrasib, showed strong early results in a small study
** South San Francisco, California-based IDYA has ~87.9 mln shares outstanding
** Through Mon, shares down ~9% YTD
** Avg rating of 19 analysts is "buy"; median PT $50, according to LSEG data