BUZZ-Biotech firm Protara tumbles on planned $75 mln equity raise
Protara Therapeutics plans a $75 million equity raise, causing shares to drop 12% to $6.05. The funds will support the development of TARA-002 for bladder cancer and lymphatic malformations. With a market cap of $265 million, the offering is managed by JP Morgan, TD Cowen, and Piper Sandler. Despite the drop, TARA shares have gained 58% QTD and 30% YTD, with analysts bullish and a median price target of $25.
Protara Therapeutics’ (TARA.O) shares down 12% after hours to $6.05 as co seeks equity
Co $75 mln offering comprised of
stock and pre-funded warrants
It intends to use net offering proceeds to
Co developing TARA-002 in non-muscle invasive bladder cancer (NMIBC) and in lymphatic malformations (LMs), rare, non-malignant cysts of the lymphatic vascular system that primarily form in the head and neck region of children
With ~38.6 mln
shares outstanding, New York City-based TARA has ~$265 mln market cap
JP Morgan, TD Cowen and Piper Sandler are joint bookrunners for offering
TARA shares on Thurs closed up 1% at $6.87. Stock has gained 58% QTD, putting it up 30% YTD
All 6 analysts are bullish on TARA; median PT is $25, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own)
