Sophiris Bio Inc. (NASDAQ:SPHS), a biopharmaceutical company developing PRX302 (topsalysin) for the treatment of urological diseases, today announced the pricing of an underwritten public offering of 6,500,000 of its common shares and related warrants to purchase 4,875,000 of its common shares with an exercise price of $4.00 per share, offered at a combined price to the public of $4.00 per share and related warrant. The gross proceeds from this offering to Sophiris are expected to be $26.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Sophiris. Sophiris has granted the underwriters a 30-day option to purchase up to an aggregate of 975,000 additional common shares and related warrants to purchase 731,250 of its common shares. The offering is expected to close on or about August 26, 2016, subject to customary closing conditions.
Piper Jaffray & Co. is acting as sole book-running manager for the offering. Maxim Group LLC is acting as co-manager for the offering. (Original Source)
Shares of Sophiris Bio are keep falling, down nearly 30% to $4.07. SPHS has a 1-year high of $8.55 and a 1-year low of $0.67. The stock’s 50-day moving average is $4.30 and its 200-day moving average is $2.21.
On the ratings front, SHPS has been the subject of a number of recent research reports. In a report issued on August 10, Maxim Group analyst Jason Kolbert reiterated a Buy rating on SPHS, with a price target of $6, which represents a slight upside potential from current levels. Separately, on June 10, Echelon Wealth Partners’ Douglas Loe reiterated a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Douglas Loe have a total average return of -14.9% and 65.3% respectively. Kolbert has a success rate of 30% and is ranked #4024 out of 4122 analysts, while Loe has a success rate of 50% and is ranked #845.
Sophiris Bio, Inc. is a clinical-stage biopharmaceutical company, which develops products for the treatment of urological diseases. It is currently developing PRX302 as a treatment for the symptoms of benign prostatic hyperplasia which is a non-cancerous enlargement of the prostate gland that causes a restriction in urine flow from the urethra resulting in lower urinary tract symptoms.