Celsion Corp (NASDAQ:CLSN) shares are trading lower Wednesday after the company announced a $7 million registered direct offering priced at-the-market under Nasdaq rules.
What To Know: The offering comes after the stock traded significantly higher on Tuesday as traders circled a Zacks Small-Cap Research note.
Zacks analyst David Bautz highlighted the business update Celsion provided at the end of March. The company announced that following a pre-planned interim safety review of patients in the Phase 1/2 OVATION 2 study of GEN-1 in advanced stage ovarian cancer, the data safety monitoring board unanimously recommended that patients continue to be treated in the study.
Zacks anticipates enrollment being completed in the third quarter and the primary endpoint of progression-free survival being reported about a year later.
Based on a probability adjusted discounted cash flow model that accounts for potential GEN-1 revenues, the firm believes Celsion is fairly valued around $37 per share.
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CLSN 52-Week Range: $0.31 - $7.68
According to data from Benzinga Pro, the stock was down 19.6% at $5.01 at time of publication.
