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POINT Biopharma (NASDAQ: PNT) Down After Stock Offering

POINT Biopharma Global (NASDAQ: PNT) was down in pre-market trading on Wednesday after the company that develops and discovers radiopharmaceuticals proposed a public offering of 13.9 million shares at a price of $9 per share.

The gross proceeds from this offering are expected to be around $125 million and the offering is expected to close on or about September 16.

POINT is also offering the underwriters “a 30-day option to purchase up to an additional 2,085,000 shares of its Common Stock.”

Is POINT Biopharma a Buy?

Analysts are bullish about POINT Biopharma with a Strong Buy consensus rating based on six unanimous Buys.

PNT’s average price prediction of $20.75 implies that the stock has an upside potential of around 104%.

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