CAMP4 Therapeutics drops after $30 mln stock sale, GSK deal

Shares of CAMP4 Therapeutics CAMP.O down 6% premarket to $6.70 after announcing $30 mln equity raise, strategic collaboration with British drugmaker GSK GSK.L

Cambridge, Massachusetts-based biopharma announces pricing offering of 5 mln shares at $6 for anticipated continued development of its product candidates, other purposes

Offering price represents 15.8% discount to stock's last close. CAMP stock rose prior 8 sessions, more than doubling along the way

CAMP says it entered agreement with GSK to advance RNA-targeted therapeutics to develop drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications

Under the agreement's terms, CAMP will receive a $17.5 mln upfront payment from GSK; CAMP is eligible to receive up to $440 mln of additional payments for certain development and commercial milestones

CAMP has ~46.9 mln shares outstanding for $334 mln market cap

Co went public in Oct 2024 after $75 mln IPO priced at $11

5 of 6 analysts rate CAMP "strong buy" or "buy", 1 has "hold"; their median PT is $7.50, per LSEG data