Celldex Therapeutics slips on $300 mln share sale

Celldex Therapeutics' CLDX.O shares down 3.6% in premarket trading to $30.15 after $300 mln overnight follow-on priced

Hampton, New Jersey-based biotech late Weds sold ~10.3 mln shares at $29, a 7.2% discount to last sale

CLDX intends to use net offering proceeds to fund 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, Guggenheim and Cantor Fitzgerald joint bookrunners for offering

CLDX has ~66.6 mln shares outstanding

Through Weds close, shares up 15% YTD and ~85% over the past 12 months

14 of 16 analysts covering the stock rate it "strong buy" or "buy", 1 "hold" and 1 "sell"; median PT $48, per LSEG