Company Update (NASDAQ:CPXX): Celator Pharmaceuticals Inc Announces Pricing Of A $38.0 Million Public Offering Of Common Stock
Celator Pharmaceuticals Inc (NASDAQ:CPXX), a pharmaceutical company developing new and more effective therapies to treat cancer, announced the pricing of an underwritten public offering of 4,000,000 shares of common stock. The shares of common stock are being offered at a price of $9.50 per share. The gross proceeds to Celator from this offering are expected to be approximately$38.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Celator. The Company has granted the underwriters a 30-day option to purchase an additional 600,000 shares of common stock to cover over-allotments. The offering is expected to close on or about March 29, 2016, subject to customary closing conditions.
Stifel is acting as the sole bookrunning manager for the offering. Needham & Company, LLC is acting as the lead manager, and Roth Capital Partners, H.C. Wainwright & Co. and National Securities Corporation are acting as co-managers for the offering. MTS Health Partners, L.P. served as financial advisor to Celator for the offering. (Original Source)
Shares of Celator Pharmaceuticals closed yesterday at $10.01, up $0.30 or 3.09%. CPXX has a 1-year high of $10.46 and a 1-year low of $1.12. The stock’s 50-day moving average is $3.00 and its 200-day moving average is $2.07.
On the ratings front, Roth Capital analyst Joseph Pantginis maintained a Buy rating on CPXX, with a price target of $22, in a report released yesterday. The current price target implies an upside of 119.8% from current levels. According to TipRanks.com, Pantginis has a total average return of -7.5%, a 32.4% success rate, and is ranked #3719 out of 3757 analysts.