** Shares of AI-based drug developer Absci ABSI.O down 14.8% at $2.99 premarket
** ABSI late Thursday sold 16.67 million shares at $3 apiece for gross proceeds of $50 million
** Stock offering priced at 14.5% discount to last close
** Proceeds will be used to advance its drug creation platform and other purposes
** Morgan Stanley, J.P.Morgan, Jefferies and TD Cowen were joint book-running managers for the offering
** ABSI had 127.54 million outstanding shares, as of March 31, according to offering prospectus
** All 9 brokerages covering the stock rate "buy" or higher; median PT $9 - data compiled by LSEG
** As of last close, ABSI shares up 34% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.