Conatus Pharmaceuticals Inc (Nasdaq:CNAT), a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease, announced that it intends to offer and sell shares of its common stock in an underwritten public offering. Conatus also expects to grant to the underwriters for the offering a 30-day option to purchase an additional 15% of the shares of common stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Conatus. Conatus intends to use the net proceeds from the offering to fund clinical development of emricasan, including preparation for registration trials, and for working capital and other general corporate purposes.
Stifel and Roth Capital Partners are acting as book-running managers for the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. (Original Source)
Shares of Conatus Pharmaceuticals closed today at $6.79, down $0.33 or 4.63%. CNAT has a 1-year high of $11.74 and a 1-year low of $5.06. The stock's 50-day moving average is $6.23 and it's 200-day moving average is $6.75.
On the ratings front, Conatus Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on March 27, Piper Jaffray analyst Charles Duncan reiterated a Buy rating on CNAT, with a price target of $9, which represents a potential upside of 28.9% from where the stock is currently trading. Separately, on March 26, MLV & Co.'s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $16.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Charles Duncan and Vernon Bernardino have a total average return of 10.7% and -9.9% respectively. Duncan has a success rate of 53.3% and is ranked #777 out of 3562 analysts, while Bernardino has a success rate of 37.0% and is ranked #3462.
In total, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $6.98 which is 82.7% above where the stock opened today.
Conatus Pharmaceuticals Inc is a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease.