Lucid Diagnostics falls on $18 mln direct stock deal

Lucid Diagnostics' LUCD.O shares down 13.7% before the bell to $1.13 after $18 mln equity raise

New York City-based medical diagnostics firm says it sold 18 mln shares in direct offering at $1, a 23.7% discount to stock's last close

Offering anchored by $15 mln investment from a fundamental institutional investor, along with support from a large existing shareholder, co says

PAVmed Inc PAVM.O subsidiary plans to use net offering proceeds for working capital, general purposes

Canaccord Genuity and BTIG joint bookrunners

LUCD's flagship product, the EsoGuard Esophageal DNA Test, screens for esophageal precancer and cancer in at-risk gastroesophageal reflux disease patients

Co has ~176.9 mln shares outstanding

Through Weds, LUCD shares up 20% YTD

1 analyst rates the stock "strong buy", the other 4 recommend "buy"; median PT $3, per LSEG data