Nanosphere, Inc. (NASDAQ:NSPH), a company enhancing medicine through targeted and flexible molecular diagnostics, announced the pricing of a public offering of the company’s common stock with expected total gross proceeds of approximately $10 million. The offering is expected to close on or aboutDecember 22, 2015, subject to satisfaction of customary closing conditions.
The offering was priced at $0.47 per share of common stock (or common stock equivalent), with each share of common stock coupled with a five-year warrant to purchase one share of common stock, at an exercise price of $0.70 per share.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the sole book runner in connection with the offering. Joseph Gunnar & Co. acted as a co-manager and LifeSci Capital LLCacted as a financial advisor in connection with the offering.
Nanosphere intends to use the net proceeds from the offering for working capital and general corporate purposes.(Original Source)
Shares of Nanosphere are up 32.57% to 0.643 in early morning trading. NSPH has a 1-year high of $8.98 and a 1-year low of $0.48. The stock’s 50-day moving average is $1.28 and its 200-day moving average is $2.30.
On the ratings front, Nanosphere has been the subject of a number of recent research reports. In a report issued on November 10, Piper Jaffray analyst William Quirk maintained a Hold rating on NSPH, with a price target of $2, which implies an upside of 312.3% from current levels. Separately, on September 8, Chardan’s Keay Nakae initiated coverage with a Buy rating on the stock and has a price target of $3.30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, William Quirk and Keay Nakae have a total average return of 4.1% and -27.1% respectively. Quirk has a success rate of 54.3% and is ranked #1131 out of 3645 analysts, while Nakae has a success rate of 20.0% and is ranked #3568.
Nanosphere Inc develops, manufactures and markets molecular diagnostics platform, the Verigene System, which enables sensitive genomic and protein testing on a single platform.