Biotech firm Protara tumbles on planned $75 mln equity raise

Protara Therapeutics' TARA.O shares down 12% after hours to $6.05 as co seeks equity

Co commences $75 mln offering comprised of stock and pre-funded warrants

It intends to use net offering proceeds to fund clinical development of its cell therapy, TARA-002, and development of other clinical programs

Co developing TARA-002 in non-muscle invasive bladder cancer (NMIBC) and in lymphatic malformations (LMs), rare, non-malignant cysts of the lymphatic vascular system that primarily form in the head and neck region of children

With ~38.6 mln shares outstanding, New York City-based TARA has ~$265 mln market cap

JP Morgan, TD Cowen and Piper Sandler are joint bookrunners for offering

TARA shares on Thurs closed up 1% at $6.87. Stock has gained 58% QTD, putting it up 30% YTD

All 6 analysts are bullish on TARA; median PT is $25, per LSEG data