Shares of Aerie Pharmaceuticals (AERI) - Get Aerie Pharmaceuticals, Inc. Report were up nearly 2% to $55.31 on Friday. The Irvine, Calif.-based company said it has priced its registered underwritten public offering of $75 million of shares at $53.75 apiece. The offering was upsized by $25 million. This is on top of the $50 million of shares that were sold through the completion and full utilization of an at-the-market program with Cantor Fitzgerald filed before the market open on May 25.
Gross proceeds from the offerings are expected to be $125 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
Aerie said it plans to use the net proceeds for general corporate purposes, including the expansion of commercialization programs in North America for both Rhopressa and Roclatan.
Aerie after the market close on Wednesday unveiled positive topline efficacy results in a phase three study of Roclatan. The company's shares closed at $54.25 on Thursday, up nearly 34%.
Meanwhile, shares of Immunomedics (IMMU) - Get Immunomedics, Inc. Report were up 4% to $7.77 in premarket trading on Friday. Cowen has started coverage of the Morris Plains, N.J.-based firm at outperform and a $15 price target.
In a note on Friday, Cowen analyst Phil Nadeau wrote that Immunomedics' lead candidate, IMMU-132, "has produced compelling Ph. II data in the treatment of relapsed/refractory mTNBC and our physician consultants expect IMMU-132 to become part of the standard of care."
"We project a FY2019 launch, and that IMMU-132 will achieve $720MM in worldwide revenue in mTNBC by 2025," Nadeau added. He also noted that IMMU-132 "has shown activity in other tumor types including lung and urothelial, and Immunomedics will soon define a strategy for development in these other cancers."
Jim Cramer and the AAP team take a look at the fiscal fourth quarter standalone results for CSC that was reported on Thursday evening by DXC Technology, which resulted from the merger of CSC and HP Enterprise Services. Find out what they are telling their investment club members. Get a free trial subscription to Action Alerts PLUS.
Meanwhile, over on Real Money, Cramer says that Best Buy BBY "is and always has been about product cycles." Get his insights or analysis with a free trial subscription to Real Money.
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