Tarsus Pharma dips after upsized $125 mln stock offering

Shares of Tarsus Pharmaceuticals TARS.O down 2.9% to $45.75 before the bell as co raises more equity than targeted

Irvine, California-based co late Weds sold ~2.8 mln shares at $44.50 for $125 mln gross proceeds

Offering size increased from $100 mln, priced at 5.5% discount to last sale

Co intends to use net offering proceeds to advance commercialization of its eye care drug, XDEMVY, develop its product pipeline, among other purposes

With ~38.3 mln shares outstanding, co has $1.8 bln market cap

Goldman Sachs, BofA, Barclays and Oppenheimer jt bookrunners for the offering

Through Weds, stock down 15% YTD. Shares have risen roughly 50% over the past six months

Avg rating among 8 analysts is "buy"; median PT of $71 implies ~51% upside to stock's last close - LSEG data