NMTR - 9 Meters Biopharma slides on proposed public offering

9 Meters Biopharma (NMTR) has lost ~11.8% after announcing the commencement of a proposed underwritten public offering of common stock.Underwriters have a 30-day option to purchase up to an additional 15% of the shares to be sold in the offering.All the shares will be sold by 9 Meters Biopharma with Citigroup and William Blair & Company acting as joint book-running managers. Truist Securities will also act as a joint book-running manager while BMO Capital Markets serves as a financial advisor to the company in relation to the offering.In January, Oppenheimer initiated the coverage on the stock with an Outperform rating and a price target of $6.00 per share expecting the company to launch NM-002 in 2024. NM-002 is a GLP-1 agonist for short bowel syndrome.

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9 Meters Biopharma slides on proposed public offering