Black Diamond Therapeutics drops after $75 mln stock offering
29/06/2023 10:19
29 June (Reuters) - ** Shares of Black Diamond
Therapeutics BDTX.O down 10.1% at $5.2 premarket on co's stock
offering plans
** Precision oncology medicine co commences underwritten
public offering of common stocks worth $75 mln
** Piper Sandler sole book-running manager, Wedbush PacGrow
lead manager
** BDTX further intends to grant underwriters 30-day option
to purchase up to $11.25 mln additional shares
** Co has ~36.5 mln shares outstanding for ~$209.2 mln
market cap and ~35 mln shares of free float - Refinitiv data
** BDTX soared over three fold to $6.2 on Tuesday on
positive data from early-stage lung cancer study
** Two out of 6 brokerages rate BDTX stock "strong buy", 3
"buy" and 1 "hold"; median PT at $10
** Stock up over three fold YTD vs ~30% gain in Nasdaq
Composite .IXIC during same period
(Reporting by Ankika Biswas in Bengaluru)
((Ankika.Biswas@thomsonreuters.com))