Deciphera Pharma tumbles on stock offering plans

Deciphera Pharmaceuticals

19/01/2023 16:02

** Deciphera Pharmaceuticals Inc's  DCPH.O  stock down 16.1%
at $17.30 and is bottom Nasdaq Biotech index  .NBI  performer on
Thurs as co looks to raise equity
    ** DCPH on track for biggest one-day pct decline since Nov
2021
    ** Co late Weds announced $125 mln proposed stock offering
with JP Morgan, Jefferies, Cowen and Guggenheim as jt
bookrunners
    ** Deciphera intends to use net offering proceeds to fund
planned Phase III study of its stomach cancer drug, Qinlock, and
complete Phase III study of its drug, vimseltinib, for treating
tenosynovial giant cell tumors that form in the joints, among
other uses
    ** Through Weds close, shares had risen ~26% for about $1.4
bln market cap, per Refinitiv
    ** Equity raise plans come as Wall Street falls on renewed
recession worries  .N 
 (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))