Echo Therapeutics (NSDQ:ECTE) priced its public stock offering at 75¢ per share, saying it expects to raise about $10 million in gross proceeds.
The 13.3 million-share offering includes a 45-day over-allotment option for bookrunner Aegis Capital for another 2 million shares.
The Philadelphia-based transdermal continuous glucose monitoring firm 1st proposed the offering last year, but spiked it due to “market conditions” 2 days later.
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Echo Therapeutics said it expects to close the offering Feb. 6.
ECTE shares were trading at 81.5¢ as of about noon today, down 1.8%.
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Analysts’ ups and downs
- C.R. Bard (NYSE:BCR): Citigroup reiterates "neutral" rating, lowers price target from $103 to $99.
- Edwards Lifesciences (NYSE:EW): Citigroup reiterates "neutral" rating, $100.00 price target; Janney initiates coverage with "buy" rating.
- Smith & Nephew (FTSE:SN, NYSE:SNN): JPMorgan initiates coverage with "neutral" rating.
- St. Jude Medical (NYSE:STJ): Credit Suisse upgrades from "neutral" to "outperform" rating, raises price target from $43 to $48; Leerink Swann maintains "outperform" rating, ~$50 price target.
- Zimmer (NYSE:ZMH): Deutsche Bank reiterates "hold" rating, raises price target from $74 to $78.
