Biotech co Protara slides on $75 mln share sale

Protara Therapeutics

05/12/2025 13:44

**  Protara Therapeutics' TARA.O shares down 16.7% premarket to $5.72 after $75 mln follow-on priced

** New York City-based biotech late Thurs said it sold ~13 mln shares at $5.75, a 16.3% discount to last sale

** It intends to use net offering proceeds to fund clinical development of its cell therapy, TARA-002, and development of other clinical programs

** Co is developing TARA-002 in non-muscle invasive bladder cancer (NMIBC) and in lymphatic malformations (LMs), rare, non-malignant cysts of the lymphatic vascular system that primarily form in the head and neck region of children

** With ~38.6 mln shares outstanding, TARA has ~$265 mln market cap

** JP Morgan, TD Cowen and Piper Sandler are joint bookrunners for offering

** Through Thurs close, TARA shares up 30% YTD including ~58% surge this quarter

** All 6 analysts covering the stock are bullish; median PT is $25, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))