Black Diamond Therapeutics (NASDAQ:BDTX) shares are on the rise today after the clinical-stage precision oncology medicine company announced an underwritten public offering of 15 million shares at an offer price of $5 apiece.
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BDTX expects to realize $75 million in gross proceeds from the move and has also granted a 30-day option to underwriters for acquiring an additional 2.25 million shares. The offer is anticipated to close on or about July 5 and remains subject to closing conditions.
Today’s price gains come on top of a 186% surge in BDTX shares over the past five sessions after BDTX’s lead candidate, BDTX-1535, showed promising results in a Phase 1 trial in non-small cell lung cancer.
The early-stage results pointed to proof of activity in subjects with NSCLC and further data in brain cancer glioblastoma multiforme (GBM) subjects is anticipated in the final quarter of this year as well.
Overall, the Street has an $11.75 consensus price target on Black Diamond alongside a Strong Buy consensus rating. Short interest in the stock currently stands at nearly 9.4%.
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