Company Update (NASDAQ:SPHS): Sophiris Bio Inc Announces Proposed Public Offering of Common Shares and Warrants
Sophiris Bio Inc (NASDAQ:SPHS), a biopharmaceutical company developing PRX302 (topsalysin) for the treatment of urological diseases, today announced that it intends to offer and sell, subject to market and other conditions, its common shares and warrants to purchase additional common shares in an underwritten public offering. 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.
Piper Jaffray & Co. is acting as sole book-running manager for the offering. (Original Source)
Shares of Sophiris are falling hard, down 31% in after-hours trading Monday. 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, Sophiris 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 30.0% and is ranked #4024 out of 4122 analysts, while Loe has a success rate of 50.0% 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.