Stock Update (NASDAQ:AEZS): AEterna Zentaris Inc. (USA) Announces At the Market Issuance Program


AEterna Zentaris Inc. (USA) (NASDAQ:AEZS) announced today that it has commenced a new “at-the-market” offering pursuant to its existing At Market Issuance (“ATM”) Sales Agreement, dated April 1, 2016, with H.C. Wainwright & Co., LLC (the “Sales Agent”), under which the Company may, at its discretion, from time to time during the term of the ATM Sales Agreement, sell up to a maximum of 3,000,000 common shares through ATM issuances on the NASDAQ Stock Market, up to an aggregate amount of $9.0 million. Any sales made under this ATM program will be made through the Sales Agent. The common shares will be sold at market prices prevailing at the time of the sale of the common shares and, as a result, sale prices may vary.

Shares of Aeterna Zentaris are down about 3% to $2.85 in after-hours trading Wednesday. AEZS has a 1-year high of $5.59 and a 1-year low of $2.35. The stock’s 50-day moving average is $3.03 and its 200-day moving average is $3.36.

On the ratings front, AEZS has been the subject of a number of recent research reports. In a report issued on March 16, Maxim analyst Jason Kolbert reiterated a Buy rating on AEZS, with a price target of $11, which implies an upside of 273% from current levels. Separately, on January 6, Canaccord’s Neil Maruoka reiterated a Buy rating on the stock and has a price target of $5.50.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Neil Maruoka have a yearly average loss of -11.9% and -3.2% respectively. Kolbert has a success rate of 32% and is ranked #4473 out of 4555 analysts, while Maruoka has a success rate of 43% and is ranked #4100.

Æterna Zentaris, Inc. operates as a specialty biopharmaceutical company that is engaged in developing and commercializing novel treatments in oncology, endocrinology and women’s health. The company’s pipeline encompasses compounds at all stages of development, from drug discovery through to marketed products. It focuses on the development of Perifosine, Cetrotide, Ozarelix, AEZS-108 and AEZS-130. 

 

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