Nuvectis Pharma tumbles on deep-discounted $100 mln share sale
BUZZ-Nuvectis Pharma tumbles on deep-discounted $100 mln share sale ** Shares of Nuvectis Pharma NVCT.O down 22% to $22.25 before the bell after $100 mln follow-on offering priced
** NVCT late Mon sold 5 mln shares at $20, a 30% discount to their record-high close of $28.53
** Cantor Fitzgerald sole bookrunner
** Fort Lee, New Jersey-based NVCT, which has 26.5 mln shares outstanding, intends to use net offering proceeds to advance programs of NXP100, NXP200, and NXP900 or any future product candidate, among other purposes
** On Jun 22, NVCT said it secured licensing deal with China's Haisco 002653.SZ for experimental drugs NXP100 and NXP200, targeting complement-mediated diseases and cancer to broaden its pipeline
** NVCT shares have nearly tripled this month through Mon
** All 5 analysts rate the shares "buy" and their median PT is $30, per 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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