Aquestive Therapeutics drops on $75 mln stock offering

Aquestive Therapeutics

20/03/2024 12:18

** Shares of Aquestive Therapeutics Inc  AQST.O  down 13.1%
at $4.64 premarket after overnight follow-on priced
    ** Co late Tues announced 16.7 mln shares at $4.50 for $75
mln gross proceeds
    ** Offering price represents 15.7% discount to stock's last
close
    ** Co intends to use net proceeds to fund development and
commercialization of epinephrine for treatment of severe
allergic reactions and diazepam for treatment of seizures in
epilepsy patients aged two to five
    ** AQST has ~73.3 mln shares outstanding, per LSEG data, for
~$391 mln market cap
    ** Shares have roughly doubled over the past month and are
up  164% YTD through Tues
    ** All 6 analysts covering AQST are bullish with median PT
of $9
    ** Leerink Partners and Piper Sandler are jt bookrunners for
stock offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))