BUZZ-GH Research drops on $150 mln equity raise for depression treatments

Shares of GH Research GHRS.O down 3.2% premarket to $15.79 after securing equity raise

Irish biotech firm late Tues sold 10 mln shares at $15 for $150 mln gross proceeds

Offering price represents 8.1% discount to stock's last sale of $16.32. Stock fell 9.3% on Tues

On Mon, GHRS shares surged 70% to close at $17.99, highest since Apr 2022, after co said its depression therapy, GH001, met main goals of mid-stage study

Co intends to use net offering proceeds to invest in research, clinical/technical development of current and/or additional product candidates, according to the SEC filing

It has 52 mln shares outstanding for nearly $850 mln market cap

Cantor, Stifel and RBC are jt bookrunners for the offering

Sentiment on GHRS unanimously bullish among 5 analysts covering the stock and their median PT is $37, according to LSEG data

Stock ended 2024 at $7