Celldex Therapeutics drops after $200 mln stock offering priced

Celldex Therapeutics

08/11/2023 14:04

** Shares of Celldex Therapeutics  CLDX.O  down 7.5% at
$26.84 premarket after overnight follow-on prices
    ** Co late Tues announced ~7.4 mln shares at $27 for $200.5
mln raise
    ** Offering price represents 7% discount to last sale
    ** CLDX shares on Mon rose ~13% to $29.35 after co said its
drug, barzolvolimab, met main goal in mid-stage trial in
patients with chronic hives
    ** Co has ~47.26 mln shares outstanding for ~$1.4 bln market
cap
    ** Through Tues close, shares down 35% YTD
    ** Jefferies, Leerink Partners, Guggenheim and Cantor acting
as 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))