Benitec Biopharma tumbles on $100 mln stock offering

Benitec Biopharma

06/11/2025 14:18

** Benitec Biopharma's BNTC.O shares down 12.9% to $13.74 premarket after $100 mln follow-on priced

** Hayward, California-based firm early Thurs announced offering of ~5.93 mln shares and concurrent direct offering of ~1.48 mln shares at $13.50

** Offering price represents 14.4% discount to stock's last close

** BNTC intends to use net proceeds from the financing for continued development of product candidate programs, working capital and general purposes

** Leerink, TD Cowen and Evercore bookrunners for public offering and placement agents for direct offering

** BNTC has ~26.25 mln shares outstanding

** Through Weds close, shares up 25% YTD

** BNTC is developing therapeutics for life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD), a genetic disorder that causes progressive muscle weakness in the eyelids and throat

** Avg rating among 8 analysts covering BNTC is "strong buy" and median PT is $29.50, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))