** NRx Pharmaceuticals' NRXP.O shares down 21% to $3.65 before the bell as follow-on prices at steep discount

** Biopharma focused on treatments for depression, chronic pain and PTSD announces ~5.7 mln shares at $3.50 for $20 mln gross proceeds

** Offering price represents 24.2% discount to stock's last sale on Tues

** Wilmington, Delaware-based NRXP has ~36.2 mln shares outstanding

** Co intends to use net offering proceeds for working capital and to support growth

** BTIG lead bookrunner, joined by Lucid Capital Markets

** Through Tues close, NRXP stock surged 117% this quarter

** All 5 analysts covering the stock rate it "strong buy" or "buy"; median PT $45, according to LSEG data