Celyad's capital raise increases visibility, stock heads for best day in 3 years
03/12/2021 10:11
** Shares in Celyad Oncology CYAD.BR soar over 20%,
heading for their best day in over three years, after the
clinical-stage biotechnology company said it had raised $32.5
million in a private placement with fortress Investment Group
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** "I believe the premium and the financial visibility the
company has due to this agreement leads to this jump in stock
price," analyst Daan Vandenberk from Kepler Cheuvreux says
** The issue price of $5.0 per share represents a premium of
18.5% to the 30-day volume weighted average price, and even a
higher premium to Thursday's closing price, Vandenberk added
** On Thursday, Celyad shares closed were trading at EUR
3.19
(Reporting by Kate Entringer)
((kate.entringer@thomsonreuters.com))