Moderna rises after upsized $2.6 bln convertible bond sale
MRNA•Recent rally and analyst view
On Aug. 19, MRNA shares soared 17.7% to $174.38, a 3-1/2-year high, after the company said its skin cancer vaccine, combined with Merck's MRK.N Keytruda, reduced the risk of recurrence and spread of melanoma in a late-stage trial.
Through Thursday, MRNA shares were up 384% year to date.
The average rating of 23 analysts is "hold"; the median price target is $122.50, according to LSEG data.
Moderna shares rise after upsized bond sale
Biotech firm Moderna's MRNA.O shares were up 1.2% at $144.50 before the bell on Friday after it raised more capital than planned.
Cambridge, Massachusetts-based MRNA announced pricing of a private offering of $2.6 billion of 0% convertible bonds due March 1, 2032.
The conversion price of $210.58 represents a 47.5% premium over the stock's last close of $142.77.
MRNA shares finished down 4.6% on Thursday after the company unveiled a $2 billion offering for general corporate purposes, including to grow its oncology business and repay debt.
The company expects to use about $285 million of the net proceeds to pay the cost of capped call transactions; the cap price of $392.62 is 175% above the stock's last sale.
