OvaScience Inc (NASDAQ:OVAS), a global fertility company focused on the discovery, development and commercialization of new treatment options, announced today that it has priced its previously announced underwritten public offering of 7,150,000 shares of its common stock at a public offering price of $7.00 per share. Net proceeds to OvaScience from this offering are expected to be approximately $46.8 million, after deducting underwriting discounts and commissions and estimated offering expenses. OvaScience intends to use the proceeds from this offering to fund the commercial expansion of the AUGMENTSM treatment in its key regions, Japan and Canada, the ongoing pre-commercial activities for the OvaPrimeSM treatment and the OvaTureSM treatment, and working capital and other general corporate purposes.
OvaScience has granted the underwriters a 30-day option to purchase up to an additional 1,072,500 shares of common stock offered in the public offering. All of the shares in the offering will be sold by OvaScience. The offering is expected to close on June 1, 2016, subject to customary closing conditions. Leerink Partners LLC is acting as sole book runner for the offering. Oppenheimer & Co. Inc., H. C. Wainwright & Co., Roth Capital Partners, LLC andJonesTrading Institutional Services LLC are acting as co-managers for the offering. (Original Source)
Shares of OvaScience are down over 23% to $7.50 in pre-market trading. OVAS has a 1-year high of $39.29 and a 1-year low of $4.53. The stock’s 50-day moving average is $8.90 and its 200-day moving average is $8.52.
On the ratings front, OvaScience has been the subject of a number of recent research reports. In a report issued on May 23, Credit Suisse analyst Kennen MacKay reiterated a Sell rating on OVAS, with a price target of $4, which implies a downside of 59.1% from current levels. Separately, on May 16, Oppenheimer’s Rohit Vanjani reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kennen MacKay and Rohit Vanjani have a total average return of 9.8% and 9.1% respectively. MacKay has a success rate of 77.5% and is ranked #471 out of 3869 analysts, while Vanjani has a success rate of 51.4% and is ranked #297.
OvaScience, Inc. is a life sciences company, which focuses on the discovery, development and commercialization of proprietary products to improve the treatment of female infertility. It also develops vitro fertilization (IVF) technologies. The company has two product candidates in development: OvaTureSM, creates mature fertilizable egg precursor cells without hormone injections and AUGMENTSM, which improves egg and vitro fertilization quality.