Nuvectis Pharma tumbles on planned stock offering
BUZZ-Nuvectis Pharma tumbles on planned stock offering ** Shares of Nuvectis Pharma NVCT.O down 18.2% at $23.35 post-market as it looks to raise equity
** Clinical stage biopharma kicks off stock offering; deal size not disclosed
** Cantor Fitzgerald sole bookrunner
** Co intends to use net offering proceeds to advance programs of NXP100, NXP200, and NXP900 or any future product candidate, among other purposes
** NVCT a week ago 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 on Mon rose 4.9% to $28.53, a record high close. Stock has nearly tripled this month, putting it up 278% YTD
** Co has ~26.5 mln shares outstanding for roughly $760 mln market cap
** All 5 analysts rate the stock "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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