Point Biopharma drops on discounted stock offering

POINT Biopharma Global

14/09/2022 11:48

** Cancer drug developer Point Biopharma Global Inc's shares
 PNT.O  drop ~11% to $9.03 premarket
    ** PNT said late Tuesday that it would sell 13.9 mln shares
at $9.00/share  urn:newsml:reuters.com:*:nGNX8ZX1HM
    ** Offer price a ~11.5% discount to PNT's Tuesday close; co
has 90.12 mln shares outstanding per Refinitiv data
    ** Underwriters have option to buy up to an additional 2.1
mln shares, offering to close this week - Co says
    ** PNT sees gross proceeds of ~$125 mln to be used for
clinical and pre-clinical research
    ** Piper Sandler and Guggenheim Securities joint
book-runners; Oppenheimer lead manager  urn:newsml:reuters.com:*:nGNX8bx3g
    ** All 7 brokerages covering the stock rate it "buy" or
higher; their median PT is $22
    ** PNT shares logged their biggest monthly gain ever in
August and are up 4.3% so far in September, taking YTD gains to
~82% vs a ~26% decline in the broader Nasdaq  .IXIC 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com))