Crescent Biopharma dips on planned equity raise

Oncology biotech Crescent Biopharma's CBIO.O shares were down 1% at $15.15 in extended trading.

Waltham, Massachusetts-based CBIO commences an offering of shares and pre-funded warrants; deal size was not disclosed.

CBIO also estimated it had cash and equivalents of approximately $171.6 million at the end of June, according to an SEC filing.

The company intends to use net offering proceeds to fund clinical development of CR-001, CR-002 and CR-003, continued R&D for preclinical programs, among other purposes, according to the prospectus.

Jefferies, TD Cowen, Guggenheim and Cantor Fitzgerald are joint bookrunners.

CBIO has about 27.6 million shares outstanding for a market cap of about $420 million.

The stock ended down 2.5% at $15.31 on Tuesday, trimming its year-to-date gain to 29%.

Eight of nine analysts rate the stock "strong buy" or "buy," while one rates it "hold"; median price target is $30, according to LSEG.