Pyxis Oncology drops on $110 mln stock-and-warrants deal
BUZZ-Pyxis Oncology drops on $110 mln stock-and-warrants deal ** Pyxis Oncology's PYXS.O shares down 10.3% at $2.60 before the bell on Weds after follow-on priced
** PYXS early Weds announced ~39.7 mln shares and pre-funded warrants at $2.90 for $110 mln gross proceeds
** Co also sold accompanying warrants to purchase ~49.3 mln shares at exercise price of $3.50; co would reap additional gross proceeds of $172.6 mln if they are fully exercised
** Boston, Massachusetts-based PYXS has ~83.4 mln shares outstanding
** It intends to use net offering proceeds to advance lead candidate, micvotabart pelidotin (MICVO), an antibody-drug conjugate to treat solid tumors, and for working capital and general purposes
** Leerink Partners, Guggenheim and Wells Fargo are joint bookrunners
** PYXS stock closed flat at $2.90 on Tues, but had rallied 152% YTD
** 9 of 10 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $7, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))