Celcuity rises after upsized convertible bond, stock sale

Shares of Celcuity CELC.O up 1.3% to $39 before the bell after biotech firm raises more capital than targeted

Minneapolis, Minnesota-based CELC early Weds announced pricing concurrent public offerings of $175 mln 2.75% 6-yr convertible bonds (CBs) and ~2.2 mln shares, including 400,000 pre-funded warrants, at $38

Total gross proceeds for the stock offering equate to $85 mln

Initial conversion price on the CBs set at $51.30, a 35% premium to stock offering price

On Tues, CELC shares ended session up 4.7% at $38.50 after co late Mon unveiled planned offerings of $150 mln CBs and $75 mln of stock

On Mon, CELC shares soared 167% after co said its experimental drug, gedatolisib, combined with Pfizer's PFE.N Ibrance and AstraZeneca's AZN.L Faslodex, delayed advanced breast cancer progression by more than seven months, compared to Faslodex alone in a late-stage study

CELC intends to use net proceeds from the offerings for working capital and general purposes, including for clinical trial, commercial launch and R&D expenditures

In connection with the CBs offering, co determined that it will not enter into capped calls transactions, which are derivative transactions to offset dilution

Jefferies, TD Cowen and Leerink are jt bookrunners for the offerings

All 8 analysts covering CELC are bullish; median PT of $54 up from $28 a month ago, per LSEG data