BioHarvest Sciences Closes $19.9 Million Public Offering to Fuel Growth

BioHarvest Sciences ( (BHST) ) has shared an update.

BioHarvest Sciences Inc. has successfully closed a $19.9 million upsized public offering of common stock, which includes the exercise of the underwriter’s option to purchase additional shares. The proceeds from this offering will be used to fund manufacturing expansion, research and development, marketing, debt reduction, and other corporate purposes. This capital raise is expected to accelerate the company’s growth and strengthen its position in the industry, while also bringing in a new group of U.S. institutional investors.

The most recent analyst rating on (BHST) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on BioHarvest Sciences stock, see the BHST Stock Forecast page.

Spark’s Take on BHST Stock

According to Spark, TipRanks’ AI Analyst, BHST is a Neutral.

BioHarvest Sciences faces significant financial challenges, with high leverage and negative equity impacting its financial stability. Despite this, the company shows potential for growth through strategic initiatives and product launches, as highlighted in the earnings call. Technical indicators suggest bearish momentum, and the valuation remains unattractive due to ongoing losses.

To see Spark’s full report on BHST stock, click here.

More about BioHarvest Sciences

BioHarvest Sciences Inc. is a leader in Botanical Synthesis technology, leveraging its patented platform to grow plant-based compounds without cultivating the underlying plant. The company operates in two major business verticals: as a contract development and production organization (CDMO) for customers seeking novel plant-based compounds, and as a creator of proprietary nutraceutical health and wellness products, including dietary supplements.

Average Trading Volume: 72,501

Technical Sentiment Signal: Buy

Current Market Cap: $139.7M

Find detailed analytics on BHST stock on TipRanks’ Stock Analysis page.