Zentalis Pharma falls on $81 mln stock sale
BUZZ-Zentalis Pharma falls on $81 mln stock sale ** Shares of oncology drug developer Zentalis Pharmaceuticals ZNTL.O down 12.3% at $3.64 premarket on Fri after overnight follow-on priced
** ZNTL late Thurs sold 23 mln shares at $3.50 for $80.5 mln gross proceeds
** Offering price is 15.7% discount to stock's last sale
** San Diego, California-based firm, which has ~71.7 mln shares outstanding, intends to use net offering proceeds to fund clinical trials, preclinical studies, regulatory filings, among other purposes
** TD Cowen, Guggenheim and Oppenheimer joint bookrunners, H.C. Wainwright passive bookrunner
** Through Thurs, ZNTL shares had more than tripled YTD
** Half of 10 analysts covering ZNTL rate shares "strong buy" or "buy", rest "hold"; median PT $6, 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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