Cidara Therapeutics falls after $350 mln equity offering priced

Shares of Cidara Therapeutics CDTX.O down 7.3% premarket to $43.40 after upsized follow-on priced

San Diego-based firm late Tues announced offering of ~7.95 mln shares at $44 for $350 mln gross proceeds

Offering priced at 6.1% discount to stock's last sale

On Mon, CDTX shares soared ~114% to nearly 4-yr high after co early Mon announced positive topline results from Phase II trial for CD388, a non-vaccine preventative of seasonal influenza

Shares added another 4% on Tues to close at $46.84 after co launched $ 250 mln equity offering

JP Morgan, Morgan Stanley, Guggenheim and Cantor are jt bookrunners for offering

Co has ~13 mln shares outstanding for current market cap of about $608 mln

All 7 analysts are bullish on CDTX with median PT of $56.50, up from $40 a month ago, latest LSEG data shows