Conatus Pharmaceuticals Inc (Nasdaq:CNAT), a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease, announced the completion of its previously announced underwritten public offering of 4,025,000 shares of its common stock, including 525,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. All shares in the offering were sold by Conatus at a price to the public of $5.75 per share. Net proceeds to Conatus from the offering, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $21.4 million.
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 acted as book-running managers for the offering. (Original Source)
Shares of Conatus closed today at $6.05, up 0.01 or 0.17%. 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 $6.26 and it’s 200-day moving average is $6.74.
On the ratings front, Conatus 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 48.8% 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 11.3% and -10.7% respectively. Duncan has a success rate of 53.3% and is ranked #734 out of 3569 analysts, while Bernardino has a success rate of 34.7% and is ranked #3493.
The street is mostly Bullish on CNAT stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating . The 12-month average price target assigned to the stock is $12.75, which implies an upside of 110.7% from current levels.
Conatus Pharmaceuticals Inc is a biotechnology company focused on the development and commercialization of novel medicines to treat liver disease.