With over 13.78 million 9 Meters Biopharma Inc. (NASDAQ: NMTR) shares trading Wednesday and a closing price of $1.23 on the day, the market cap was approximately 308.20 million. The NMTR stock has shown a negative weekly performance of -9.56% whereas its price on 04/07/21 gained nearly 10.81%.
Currently, there are 216.07M common shares of NMTR stock owned by the public and among those 175.27M shares have been available to trade. There has been no current news that could accelerate the surge in NMTR stock but it went through closing a common stock offering this week.
How did the offering go?
9 Meters Biopharma is a gastroenterology company focused on rare and unmet needs. Short bowel syndrome is a rare, orphan disease for which NMTR is advancing its proprietary long-acting GLP-1 agonist, NM-002, into Phase 2 studies. Another study being conducted by NMTR is evaluating larazotide, a tight junction regulator, for the treatment of nonresponsive celiac disease through patient-reported symptom improvement.
Earlier this week, 9 Meters Biopharma finished its previously announced public offering of 34,500,000 shares of its common stock.
It included the full overallotment exercised by the underwriters, for a public offering price of $1.00 per share. NMTR received approximately $31.5 million in net proceeds from the public offering. Discounts and commissions, as well as offering expenses, were deducted from these proceeds.
Citizens Group and William Blair & Company, L.L.C. shared the book-running responsibility for 9 Meters Biopharma (NMTR). Truist Securities, Inc. also served as joint book-runner for the offering. NMTR was provided financial advice by BMO Capital Markets.