Endocyte slides on offering

Investor's Business Daily

Shares of biotech Endocyte (ECYT) took a ride Tue., rising early on a pair of analyst price-target raises but reversing to fall 2% in early extended trading when, after the market closed, the company said that it plans a follow-on offering of 4.5 mil shares. Wedbush lifted its price target to 65 from 23, and Cardan Capital Markets to 43 from 20, in the wake of a positive report on Endocyte's cancer drug Vynfinit last week. It's had similar results in EU trials, and Europe could approve it in 2 or 3 months, analysts say. Shares fell 0.1% to 27.19.

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