Stock Update (NYSEMKT:ATNM): Actinium Pharmaceuticals Inc Announces $5 Million Registered Direct Offering of Common Stock
Actinium Pharmaceuticals Inc (NYSEMKT:ATNM), a biopharmaceutical company developing innovative targeted payload immunotherapeutics for the treatment of advanced cancers, announced today that it entered into subscription agreements with certain investors to sell approximately $5 million of its common stock in a registered direct offering. Under the terms of the subscription agreements, the Company will issue an aggregate of 1,923,078 shares of the Company’s common stock at a purchase price of $2.60 per share. The offering is expected to close on or about June 10, 2015, subject to the satisfaction of customary closing conditions. This financing was led by investor Dr. Phillip Frost.
Actinium anticipates using the net proceeds for general corporate purposes, including capital expenditures, the advancement of our product candidates in clinical trials, such as Iomab™-B and Actimab-A, preclinical trials, to support licensing activities, and to meet working capital needs. (Original Source)
Shares of Actinium Pharmaceuticals opened today at $3.01 and are currently trading down at $2.9122. ATNM has a 1-year high of $12.75 and a 1-year low of $2.31. The stock’s 50-day moving average is $2.89 and its 200-day moving average is $4.06.
On the ratings front, MLV & Co. analyst Arlinda Lee reiterated a Buy rating on ATNM, with a price target of $15, in a report issued on March 17. The current price target implies an upside of 415.5% from current levels. According to TipRanks.com, Lee has a total average return of 4.8%, a 57.4% success rate, and is ranked #1273 out of 3610 analysts.
Actinium Pharmaceuticals Inc is a biopharmaceutical company which develops drugs for treatment of cancer. It is a development stage company.