Crescent Biopharma dips on planned equity raise
BUZZ-Crescent Biopharma dips on planned equity raise ** Oncology biotech Crescent Biopharma's CBIO.O shares down 1% at $15.15 in extended trading
** Waltham, Massachusetts-based CBIO commences offering of shares and pre-funded warrants; deal size not disclosed
** CBIO also estimates it had cash and equivalents of approx $171.6 mln at end-June, per an SEC filing
** Co intends to use net offering proceeds to fund clinical development of CR-001, CR-002 and CR-003, continued R&D for preclinical programs, among other purposes, per the prospectus
** Jefferies, TD Cowen, Guggenheim and Cantor Fitzgerald joint bookrunners
** CBIO has ~27.6 mln shares outstanding for about $420 mln market cap
** Stock ended down 2.5% at $15.31 on Tues, trimming YTD gain to 29%
** 8 of 9 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $30, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))