Jade Biosciences drops on $150 mln equity raise
BUZZ-Jade Biosciences drops on $150 mln equity raise ** Jade Biosciences' JBIO.O shares down 9.3% premarket to $15.96 after $150 mln follow-on priced
** Autoimmune diseases-focused biotech announced 10 mln shares at $15
** Offering price represents 14.7% discount to stock's last sale on Weds
** Waltham, Massachusetts-based JBIO, which has ~49.4 mln shares outstanding, intends to use net offering proceeds to fund clinical trials, preclinical studies, R&D, and for capex, among other purposes
** Jefferies, TD Cowen and UBS joint bookrunners
** At Weds close, JBIO stock up 14% YTD
** 6 analysts rate the stock "strong buy", the other 4 rate "buy"; median PT of $43.50 up from $24.50 a month ago, according to LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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