Janux Therapeutics jumps after upsized equity raise
29/02/2024 15:14
** Janux Therapeutics' JANX.O stock up 13.7% at $52.98 on
Thurs after co raises more equity than planned
** JANX jumps as much as 17.8% to $54.88 on the session so
far
** Co early Thurs announced pricing offering of ~6.4 mln
shares, including ~1.9 mln pre-funded warrants, at $46.50 for
about $296.5 mln gross proceeds
** Offering size boosted from $175 mln upon launch late Tues
** JANX on Tues surged ~230% to close at $49.75 after co
reported positive interim early-stage data for its prostate
cancer therapy
** Co has ~46.17 mln shares outstanding for current market
cap of ~$2.4 bln
** BofA, TD Cowen, Cantor Fitzgerald and William Blair
acting as jt bookrunners on equity offering
** Biotech stocks are off to a robust start in 2024 with the
SPDR S&P Biotech ETF XBI.N up ~13% YTD. The Nasdaq Biotech
Index .NBI has gained 3% so far this year
** Over the past three months, XBI up ~35%, while NBI up
~18%
(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))