Celldex Therapeutics Prices $300 Mln Public Offering Of Shares At $29/shr; Stock Down

Celldex priced a public offering of 10.345 million shares at $29.00 per share, with gross proceeds expected to be $300 million. The financing provides capital for the clinical-stage biotech but will dilute existing shareholders and could pressure the stock in the near term.

Analysis

Celldex priced a public offering of 10.345 million shares at $29.00 per share, with gross proceeds expected to be $300 million. The financing provides capital for the clinical-stage biotech but will dilute existing shareholders and could pressure the stock in the near term.