OvaScience Inc (NASDAQ:OVAS), a global fertility company focused on the discovery, development and commercialization of new treatment options, announced today that it has commenced an underwritten public offering of shares of its common stock. OvaScience intends to grant the underwriters a 30-day option to purchase additional shares of the common stock to cover over-allotments, if any. All of the shares in the offering will be sold by OvaScience.
Leerink Partners LLC is acting as the sole book-running manager of the offering and H.C. Wainwright & Co. is acting as a co-manager of the offering. The offering is subject to market and other conditions and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
OvaScience intends to use the net proceeds from this offering to fund the commercial expansion of the AUGMENTSMtreatment in our key regions, Japan and Canada, the ongoing pre-commercial activities for the OvaPrimeSMtreatment and the OvaTureSM treatment, and working capital and other general corporate purposes. (Original Source)
Shares of OvaScience closed today at $9.78, up $0.64 or 7.00%. OVAS has a 1-year high of $39.29 and a 1-year low of $4.53. The stock’s 50-day moving average is $8.90 and its 200-day moving average is $8.51.
On the ratings front, OvaScience has been the subject of a number of recent research reports. In a report issued on May 23, Credit Suisse analyst Kennen MacKay reiterated a Sell rating on OVAS, with a price target of $4, which reflects a potential downside of -59.1% from last closing price. Separately, on May 16, Oppenheimer’s Rohit Vanjani reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kennen MacKay and Rohit Vanjani have a total average return of 11% and 8.5% respectively. MacKay has a success rate of 67.7% and is ranked #535 out of 3869 analysts, while Vanjani has a success rate of 51.4% and is ranked #323.
OvaScience, Inc. is a life sciences company, which focuses on the discovery, development and commercialization of proprietary products to improve the treatment of female infertility. It also develops vitro fertilization (IVF) technologies. The company has two product candidates in development: OvaTureSM, creates mature fertilizable egg precursor cells without hormone injections and AUGMENTSM, which improves egg and vitro fertilization quality.