Black Diamond Therapeutics jumps after $75 mln equity raise, analyst upgrade
30/06/2023 12:48
(Updates stock activity, adds analyst upgrade)
** Black Diamond Therapeutics Inc's BDTX.O shares up 13.7%
at $5.72 premarket after follow-on prices and an analyst turns
bullish
** Shares on course to snap 2-session losing streak, if
gains hold
** Precision oncology firm late Thurs announced 15 mln
shares at $5 vs stock's last sale of $5.03
** Co plans to use net offering proceeds to advance clinical
development pipeline, including potential accelerated approval
activities for its lead candidate, BDTX-1535, for treatment of
non-small cell lung cancer (NSCLC), per the prospectus filing
** On Tues, co's stock more than tripled to close at $6.18
on positive data for BDTX-1535 in early-stage study
** Stifel late Thurs upgraded its rating to "buy" from
"hold" and hiked PT five-fold to $10
** "We now see the company as having two simultaneous shots
on goal at regulatory paths for 'intrinsic and 'acquired'
mutations in EGFRm NSCLC," Stifel wrote in note
** Co has 36.5 mln shares outstanding for ~$184 mln market
cap
** Piper Sandler sole bookrunner for the equity offering,
joined by lead manager Wedbush PacGrow
** Black Diamond went public in 2020 IPO priced at $19
(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))