Indication intelligence, analysis and sector perception

RegMed Investors (RMi) Research Note: Ultragenyx Pharmaceutical (RARE) has priced its public offering at $30.00 per share of 8,33 M stock

October 18, 2023 11:38pm

RARE closed down -$5.10 to $31.73 with a +$0.18 or +0.57% to $35.00 aftermarket indication

Aggregate (gross) proceed from offering is expected at $300 M and they need the cash especially with the dept load.

J.P. Morgan, Goldman Sachs & Co. LLC, BofA Securities and TD Cowen are acting as joint book-running managers for the offering.

RARE is expected to grant the underwriters of the offering pre-funded (?) warrants of 1,666,722 an option for a period of 30 days.

In addition, RARE has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 1,500,000 shares of Its common stock at the public offering price, less the underwriting discount.

The offering is a go ... but a big discount from $37.02 on 10/16.

RARE Stats pre offering:

52-week low of $32.01 and a high of $54.98

50-day moving average

Average volume (10 day) – 1.13 M shares

Outstanding shares: 71,49 M

Float: 62.64 M

Held by Insiders: 4.66%

Held by Institutions: 98.58

Shares of percentage (%) float: 5.75% <9/29>

Cash: 7.72 M

Total Debt: 25.73 M

Operating Cash Flow (ttm): -458.72 M

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