Update: Beta Bionics Shares Rise After BofA Price-Target Boost, $150 Million Offering Priced
(Updates with stock movement in the headline and first paragraph.)Beta Bionics (BBNX) shares rose 11% in Wednesday trading after BofA boosted its price target on the stock to $20 from $18.Late Tuesday, Beta priced an underwritten public offering of 7.65 million shares at $17.25 each and prefunded warrants to purchase 1.04 million shares at $17.2499 apiece.Gross proceeds are expected to total $150 million, with the offering slated to close Thursday.Underwriters have been granted a 30-day overallotment option to purchase up to 1.3 million additional shares.Beta Bionics expects to use net proceeds for general corporate purposes, including commercialization costs for Mint, expansion of manufacturing facilities, research and clinical development, and product enhancements.Price: $21.44, Change: $+2.21, Percent Change: +11.49%
