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Investing.com - Stifel has reduced its price target on Lexeo Therapeutics (NASDAQ:LXEO) to $18.00 from $20.00 while maintaining a Buy rating following the company’s secondary offering announcement. According to InvestingPro data, analyst consensus remains strongly bullish, with price targets ranging from $9 to $30.
The gene therapy company announced a secondary offering and concurrent private placement on Thursday with expected gross proceeds of approximately $135 million, alongside additional LX2020 PKP2 data. The capital raise comes as InvestingPro analysis shows the company rapidly consuming cash, though maintaining a healthy current ratio of 4.43x.
The secondary offering consists of 15.625 million shares priced at $8.00 per share with an underwriter option to purchase up to an additional 2.34 million shares, while the private placement includes pre-funded warrants to purchase approximately 1.25 million shares priced at $7.99 per warrant.
Lexeo reported it expects to have $122.8 million in cash as of September 30, 2025, prior to the offering, which previously provided runway into 2028 and will now be meaningfully extended by this capital raise.
Stifel updated its financial model to account for the offering terms, resulting in the price target reduction while maintaining its Outperform rating on the stock.
In other recent news, Lexeo Therapeutics has announced a public offering and private placement, expecting to raise approximately $135 million. The company is offering 15,625,000 shares of common stock at $8.00 per share, with an option for underwriters to purchase additional shares. This development comes as Lexeo also engages in a private placement exempt from registration requirements. In related news, H.C. Wainwright has raised its price target for Lexeo Therapeutics to $15, maintaining a Buy rating. This follows the FDA’s positive feedback on Lexeo’s therapy, indicating openness to a pooled Phase 1/2 and pivotal dataset, which could facilitate an accelerated approval process. Additionally, the FDA’s acceptance of an earlier assessment for accelerated approval has been a significant milestone for the company. These developments are part of Lexeo’s ongoing efforts to advance its treatment for Friedreich ataxia cardiomyopathy.
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