SAB Biotherapeutics falls after launching stock offering

Shares of SAB Biotherapeutics SABS.O down 4.2% to $3.90 after hours following planned equity raise news

Miami Beach, Florida-based biopharma firm commences offering of stock and pre-funded warrants without disclosing deal size

Co intends to use net offering proceeds primarily to fund development of lead product candidate, SAB-142, its immunotherapy designed to delay the onset or progression of Type 1 Diabetes (T1D)

Jefferies, UBS, Citigroup and Barclays joint bookrunners

Co has ~$207 mln market cap, based on ~50.95 mln shares outstanding

Stock closed up 3.3% at $4.07 on Tues, up ~9% YTD and ~150% over the past 12 months

All 8 analysts covering the stock are bullish including 3 "strong buy" ratings; median PT $7, per LSEG