TARS - Tarsus Pharmaceuticals closes down 23% following $50M public stock offering

Tarsus Pharmaceuticals (NASDAQ:TARS) closed down more than 23% Monday after the company said it would raise $50M in a stock offering earlier in the day. On Monday, Tarsus (TARS) also announced positive top-line data from a second phase 3 trial of TP-03 (lotilaner ophthalmic solution) for Demodex blepharitis, an eyelid disease. The candidate met the primary and all secondary endpoints. The company said it plans to fild a New Drug Application with the U.S. FDA in the second half of the year. Based on the results from the Saturn-2 trial, Oppenheimer raised its price target to $66 (~371% return based on Monday's close), a street high.

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Tarsus Pharmaceuticals closes down 23% following $50M public stock offering