Certara tumbles as EQT cuts stake in secondary offering
12/08/2022 14:11
** Shares of biosimulation software provider Certara Inc
CERT.O down 15.2% at $17.13 premarket on secondary offering
** CERT late Thurs announced 7 mln shares to be sold by
stockholders, including Swiss private equity firm EQT Partners
EQTAB.ST urn:newsml:reuters.com:*:nGNX55LFpz
** Offering prices at $17.75, 12.1% discount to stock's last
close with Morgan Stanley as sole underwriter, market sources
say
** Prior to offering, EQT is #1 investor with ~36 mln
shares, or ~22.5% stake, per Refinitiv data
** On Tues after the bell, co posted Q2 miss citing FX
headwinds and slow growth in its regulatory services business;
it reduced FY rev guidance to $325-$335 mln from $350-$360 mln
urn:newsml:reuters.com:*:nGNX4bM9ns
** Shares have fallen 15% this week and are down ~29% YTD
through Thurs close
** Still, avg rating among 8 analysts covering CERT is
"strong buy" with median PT of $25, per Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))