Amylyx Pharma starts $350 mln equity offering to fund blood sugar drug
BUZZ-Amylyx Pharma starts $350 mln equity offering to fund blood sugar drug ** Amylyx Pharmaceuticals AMLX.O looks to capitalize on its soaring stock price by raising equity
** AMLX shares finished up 63.8% at $35.11 on Tues after its blood sugar drug, avexitide, met main goal of improving post-bariatric hypoglycemia in a late-stage trial
** After the bell, Cambridge, Massachusetts-based firm kicks off $350 mln stock offering
** Intends to use net offering proceeds for pre-commercial activities for avexitide, R&D, and other purposes
** Leerink, Morgan Stanley, Guggenheim and LifeSci joint bookrunners
** AMLX shares, up ~3% post-market, have nearly tripled YTD giving co roughly $4 bln market cap
** 11 of 12 analysts rate stock "strong buy" or "buy" and 1 "hold"; median PT $40, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Amylyx dips after increased $500 mln stock sale to fund blood sugar drug
Brief: Amylyx Pharmaceuticals Announces Pricing Of Upsized $500 Million Underwritten Public Offering Of Common Stock