Celldex Therapeutics drops on unveiling stock offering

Shares of Celldex Therapeutics CLDX.O down 5.3% at $29.60 in extended trading as it seeks equity raise

Hampton, New Jersey-based biotech firm commences stock offering; deal size not disclosed

It intends to use net offering proceeds to fund ongoing commercial readiness activities and launch of barzolvolimab, if approved, for treatment of Chronic Spontaneous Urticaria (CSU) in the U.S., fund other product candidates, grow its bispecific antibody platform, among other purposes

CSU is a condition characterized by chronic, itchy hives and swelling

Leerink Partners and TD Cowen joint bookrunners for offering

With ~66.6 mln shares outstanding, CLDX has ~$2 bln market cap

Stock closed down 1.5% at $31.26 on Weds. Still, shares up 15% YTD and ~85% over the past 12 months

Of 16 analysts, 14 rate the stock "strong buy" or "buy", 1 rates "hold" and 1 recommends "sell"; median PT $48, per LSEG