Pyxis Oncology falls after launching equity offering
BUZZ-Pyxis Oncology falls after launching equity offering ** Shares of Pyxis Oncology PYXS.O down 4.5% at $2.77 post-market as co seeks equity raise
** Boston, Massachusetts-based PYXS commences offering of stock and pre-funded warrants, and accompanying warrants
** It intends to use net offering proceeds to advance lead clinical 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 joint bookrunners
** With ~83.4 mln shares outstanding, PYXS has ~$242 mln market cap
** Stock closed flat at $2.90 on Tues, but has 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))