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Precision's Novartis Deal 'Adds Validation' While Financing Could Improve Sentiment, Analyst Says

By Vlad Schepkov Shares of Precision BioSciences (NASDAQ:DTIL) have given back much of late Tuesday's fireworks-like gains – the stock soared as much as 150% at its peak – but is...
Precision's Novartis Deal 'Adds Validation' While Financing Could Improve Sentiment, Analyst Says © Reuters. Precision's (DTIL) Novartis Deal 'Adds Validation' While Financing Could Improve Sentiment, Analyst Says

By Vlad Schepkov

Shares of Precision BioSciences (NASDAQ:DTIL) have given back much of late Tuesday's fireworks-like gains – the stock soared as much as 150% at its peak – but is still keeping traders busy on the morning of Wednesday, following two major news announcements the day prior.

First, came the Novartis (NYSE:NVS) deal: DTIL snapped up a research and licensing partnership with the pharmaceutical giant over Precision's ARCUS-based in vivo gene editing program. Under the terms of the agreement, DTIL is getting $75 million upfront, and is eligible for $1.4 billion of potential future milestones and royalties.

The announcement was closely followed by the second one of an equity raise: the company took the opportunity to price a nearly 36 million share offering at $1.39 per share (the stock’s closing price prior to the Novartis news), for total proceeds of $50 million.

The offering quickly brought the soaring shares back to earth and saw the stock plummet from $3.5 to under $2.

Still, Stifel analyst Benjamin Burnett believes it was the right call from a business standpoint, noting the raise is “ultimately good for the longevity of the business and likely adds enough runway to get through multiple inflection points.” He continues, saying that “cash runway has been a significant overhang to the stock” and believes the deal doesn’t just provide much-needed funding, but also has “the potential to improve sentiment.”

Commenting on the Novartis deal specifically, he believes it “adds validation to DTIL’s gene editing capabilities, which are largely not credited in the stock”, as he reiterates a “Buy” rating on the shares.

DTIL shares posted an all-time low of $1.11 just a few days prior, and are trying to base above $1.50 as of mid-morning, holding above the prior close and equity raise price of $1.39.

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07-07-2022 23:48:58 (UTC+7)

EUR/USD

1.0159

-0.0022 (-0.22%)

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↑ Buy

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EUR/USD

1.0159

-0.0022 (-0.22%)

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GBP/USD

1.2009

+0.0079 (+0.66%)

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USD/JPY

135.98

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AUD/USD

0.6842

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EUR/JPY

138.15

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0.9893

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1,741.15

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3,488.50

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3,894.23

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12,843.22

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21,643.58

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US Small Cap 2000

1,767.70

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8,122.50

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41.300

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Bayer AG NA

56.59

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Allianz SE VNA O.N.

178.46

+2.96 (+1.69%)

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Adidas AG

169.28

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5.764

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Siemens AG Class N

97.71

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7.983

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 EUR/USD1.0159↑ Buy
 GBP/USD1.2009↑ Buy
 USD/JPY135.98Neutral
 AUD/USD0.6842↑ Buy
 USD/CAD1.2982↑ Sell
 EUR/JPY138.15Buy
 EUR/CHF0.9893↑ Buy
 Gold1,741.15↑ Buy
 Silver19.240↑ Buy
 Copper3.5745↑ Buy
 Crude Oil WTI104.06↑ Buy
 Brent Oil105.92↑ Buy
 Natural Gas6.301↑ Buy
 US Coffee C218.70↑ Sell
 Euro Stoxx 503,488.50↑ Sell
 S&P 5003,894.23Neutral
 DAX12,843.22Neutral
 FTSE 1007,189.08↑ Sell
 Hang Seng21,643.58↑ Buy
 Small Cap 20001,767.70Neutral
 IBEX 358,122.50↑ Buy
 BASF41.300↑ Buy
 Bayer56.59Sell
 Allianz178.46Buy
 Adidas169.28↑ Buy
 Lufthansa5.764↑ Buy
 Siemens AG97.71↑ Buy
 Deutsche Bank AG7.983↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,765/ 6,825
(-5/ -5) # 1,893
SJC HCM6,785/ 6,845
(0/ 0) # 1,914
SJC Hanoi6,785/ 6,847
(0/ 0) # 1,916
SJC Danang6,785/ 6,847
(0/ 0) # 1,916
SJC Nhatrang6,785/ 6,847
(0/ 0) # 1,916
SJC Cantho6,785/ 6,847
(0/ 0) # 1,916
Cập nhật 07-07-2022 23:49:00
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$1,741.89-23.03-1.30%
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Ngoại tệMua vàoBán ra
USD23.180,0023.490,00
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GBP27.204,7528.365,03
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KRW15,5318,93
Cập nhật lúc 18:49:11 07/07/2022
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