Tyra Biosciences rises after $400 mln equity raise
TYRA•Tyra prices $400 million equity raise
Tyra Biosciences' TYRA.O shares were up 4.4% at $23 before the bell on Monday after securing a $400 million equity raise.
Carlsbad, California-based biotech announced an offering of about 9.1 million shares and pre-funded warrants to buy about 9.1 million shares.
The offering price of $22.03 matched the stock's last sale on Friday.
Shares fell after recent trial results
On Wednesday, TYRA shares tumbled nearly 18% to close at $22.01 after dabogratinib missed Wall Street's expectations in a Phase 2 study evaluating the drug in bladder cancers.
The company has about 59.7 million shares outstanding for a roughly $1.3 billion market cap.
Fifteen of 16 analysts rate the stock "strong buy" or "buy," while one rates it "hold"; the median price target is $53, according to LSEG data.
Proceeds to fund dabogratinib development
The company intends to use the net offering proceeds to advance its dabogratinib development strategy for bladder cancers and achondroplasia, a rare genetic condition that affects bone growth, among other purposes.
Jefferies, Guggenheim, Cantor Fitzgerald, Barclays and William Blair are joint bookrunners.
