SAB Biotherapeutics slips on $85 mln equity offering

Shares of SAB Biotherapeutics SABS.O down 2.9% premarket at $3.95 after $85 mln overnight follow-on priced

Miami Beach, Florida-based biopharma late Tues sold ~22.1 mln shares, including pre-funded warrants to buy ~2.8 mln shares, at $3.85

Offering priced at 5.4% discount to last sale

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 ~50.95 mln shares outstanding

At close on Tues, stock 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