Corbus Pharma tumbles on pricing $75 mln stock offering

Shares of Corbus Pharmaceuticals CRBP.O down 14.8% premarket at $14 after follow-on priced

Norwood, Massachusetts-based oncology and obesity firm early Fri sold ~5.8 mln shares, including ~1 mln p re-funded warrants, for $75 mln gross proceeds

Offering price of $13 is 20.9% discount to stock's last close

It intends to use net offering proceeds to fund clinical development of its pipeline and for working capital and other purposes

Jefferies acting as the bookrunner, per the statement. In the offering prospectus, Jefferies and Piper Sandler were cited as joint bookrunners

CRBP has ~12.26 mln shares outstanding for about $200 mln market cap

Through Thurs close, CRBP shares had gained ~77% over the past three months, putting them up 39% YTD

Earlier this month, co shared early-stage data of CRB-701, its experimental therapy for head and neck cancer that has returned or spread after earlier treatments, at the annual European Society for Medical Oncology

All 10 analysts covering CRBP are bullish and their median PT is $40, per LSEG data