On Tuesday, H.C. Wainwright adjusted its price target for Oculis Holding AG (NASDAQ: OCS) shares, raising it to $30 from the previous $28, while maintaining a Buy rating on the company's stock.
This change follows the recent securities offering by Enlivex, which included ordinary shares and Series A and B warrants. The firm sold the securities directly to an institutional investor, bundling each ordinary share with one Series A and one Series B warrant at a combined price of $1.40.
The offering also involved pre-funded warrants to purchase up to 1,511,429 ordinary shares. Investor warrants, exercisable immediately upon issuance, are priced at $1.40 per ordinary share.
The Series A warrants will expire 18 months post-issuance or 60 days after the release of positive top-line results from the ENX-CL-05-001 trial of Allocetra for knee osteoarthritis treatment, whichever comes first.
The Series B warrants have a longer lifespan, expiring five and a half years after the issuance or within 60 days following the submission of an FDA approval application for Allocetra in an osteoarthritis-related indication.
The equity financing, should all warrants be exercised, is expected to generate gross proceeds of $15 million. According to H.C. Wainwright, this capital influx is projected to be sufficient to sustain the company's operations into 2026.
In light of the dilutive effects of the recent financing, the firm has also adjusted its 12-month target for Enlivex to $6 from the previous $7 while reiterating its Buy rating. The firm's analysis indicates confidence in the company's financial strategy and the potential of its product development.
In other recent news, Oculis Holding AG reported encouraging results from a Phase 2 study on dry eye disease, leading Baird, a financial services firm, to increase the company's shares price target to $37.00.
However, BofA Securities adjusted Oculis' financial outlook, reducing the price target to $20, following the announcement of Phase 2 exploratory data for OCS-02, also known as licaminlimab. Despite this, the firm increased the odds of success for the OCS-02 program to 55% based on the findings.
Meanwhile, H.C. Wainwright reduced its stock price target for Oculis to $28.00 following the closure of a significant equity financing round. The company issued 5 million ordinary shares, resulting in gross proceeds of approximately $59 million, bolstering its financial position significantly. Oculis also began trading on the Nasdaq Iceland Main Market, expanding its market presence.
These developments have led to various adjustments in the company's stock price targets by different firms. However, all firms maintained their positive ratings on the company's stock. Investors are now closely watching Oculis' continued performance and developments in the healthcare sector.
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