Compass Therapeutics dips after $120 mln equity offering

** Shares of biopharma firm Compass Therapeutics CMPX.O down 1.3% premarket to $3.13 after $120 mln follow-on priced

** Boston, Massachusetts-based oncology-focused CMPX late Tues announced 40 mln shares, including pre-funded warrants to buy ~6.7 mln shares

** Offering price of $3 is 5.4% discount to stock's last sale

** Co intends to use net proceeds to conduct initial preparations for commercial readiness, to fund R&D, clinical development of its product candidates, among other purposes

** Jefferies, Piper Sandler and Guggenheim are joint active bookrunners for the offering

** Co has ~138.3 mln shares outstanding for ~$438 mln market cap

** CMPX shares on Tues lost ~5%, following nearly 24% gain on Mon after co reported Q2 results and provided data on its product pipeline

** Through Tues, shares up ~119% YTD

** Avg rating among 10 analysts is "strongbuy" and median PT is $10.50, according to LSEG