We are however revising our PT from $12 to $10 to account for recent dilution following a succession of share offerings in short order. Why are we revising our price target? While in our view the value of duvelisib has not changed over the last few months, the number of common outstanding shares has increased significantly due to a rapid series of offerings of different types, including an ATM, a public offering, and a registered sale (common shares from 51M at end of also note fully diluted share count 84M). While these offerings have padded the balance sheet at a key moment ahead of the PDUFA and a potential commercial roll- out, in our view they have also been materially dilutive in light of the drugs static commercial potential.
http://www.analystratings.com/articles/...y-rating-from-roth-capital/ |
