|Bid||2.7700 x 900|
|Ask||2.8600 x 900|
|Day's Range||2.7320 - 2.9500|
|52 Week Range||1.2500 - 8.5900|
|Beta (5Y Monthly)||1.92|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 12, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||24.00|
Catabasis Pharma (NASDAQ:CATB) stock is soaring higher on Friday after announcing its acquisition of Quellis Biosciences. Source: Shutterstock.com Catabasis Pharma says that its acquisition of Quellis Biosciences was on a stock-for-stock basis. This has it offering up shares of CATB stock and Series X Preferred Stock in exchange for all outstanding equity interests of the company. Quellis Biosciences is a privately-held biopharmaceutical company formed in 2017. Its focus is on discovering new best-in-class molecules for the treatment of serious rare diseases.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Catabasis Pharma notes that at the same time as the acquisition of Quellis Biosciences the company also started a private investment in public equity (PIPE). This has it offering up shares of its Series X Preferred Stock to existing and new investors. Catabasis Pharma mentions that the PIPE will bring in $110 million for the company. Each share of Series X Preferred Stock is worth $3,093. These shares are convertible to 1,000 shares of CATB stock, which represents a price of $3.09 per share. The PIPE is expected to close on Monday. 7 Safe Stocks to Buy for Solid Returns in Tumultuous Times Catabasis Pharma says that it plans to use funds from the PIPE to complete its IND-enabling studies, as well as Phase 1a and Phase 1b/2 clinical trials of using lead program QLS-215 to treat hereditary angioedema. Catabasis Pharma expects all of this to grant it a total of $150 million in cash proceeds. The company says that this will allow it to operate through 2023. CATB stock was up 188.5% as of Friday morning. On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. The post CATB Stock: Why Catabasis Pharma Stock Is Skyrocketing Today appeared first on InvestorPlace.
Catabasis Pharmaceuticals Announces Acquisition of Quellis Biosciences Inc.
Investors need to pay close attention to Catabasis (CATB) stock based on the movements in the options market lately.