Fusion Pharma dips as co boosts stock offering plan to $200 mln

Fusion Pharmaceuticals

22/01/2024 14:05

** Shares of Fusion Pharmaceuticals  FUSN.O  down 2.2% at
$8.92 on light volume before the bell as co looks to raise
additional equity
    ** Co late Fri increased its "at-the-market" (ATM) stock
sales program from $100 mln to $200 mln through Jefferies, per
the SEC filing
    ** It sold ~$99.7 mln under prior $!00 mln ATM program, per
the filing
    ** Co to use net proceeds from any sales for general
purposes, including expenditures aimed at growth and R&D
    ** Earlier this month, co announced positive data from
early-stage tumor treatment trial and said it aligned with U.S.
FDA on protocol for mid-stage trial evaluating its treatment for
a type of prostate cancer
    ** Fusion has ~72.4 mln shares outstanding for $660 mln
market cap, per LSEG data
    ** Through Fri, shares down ~5% to start 2024 but have
gained ~155% over the past year
    ** All 14 analysts covering FUSN are bullish including 6
"strong buy" ratings with $12.50 median PT - LSEG

 (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))