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In a stark reflection of investor sentiment, shares of Boundless Bio have plummeted to a 52-week low, touching down at $1.41, with the company’s market capitalization shrinking to just $33.2 million. According to InvestingPro analysis, the stock currently trades below its Fair Value, though analysts maintain a $15 price target. This latest price level underscores a tumultuous period for the biotechnology firm, which has seen its stock value erode by an alarming 89.15% over the past year. The steep decline has rattled shareholders, particularly as InvestingPro data reveals the company is quickly burning through cash despite maintaining more cash than debt on its balance sheet. The steep decline has sparked conversations about the company’s future prospects and the challenges it faces within the competitive biotech landscape. As Boundless Bio grapples with market dynamics and internal strategies, investors remain watchful for signs of recovery or further downturns. (Discover 8 more crucial InvestingPro Tips for Boundless Bio’s outlook.)
In other recent news, Boundless Bio, Inc. has announced a potential stock sale agreement that could raise up to $14.5 million. The deal involves an Open Market Sale AgreementSM with Jefferies LLC, which will act as the sales agent or principal for possible "at the market offerings." Boundless Bio may sell shares at market prices or through negotiations with Jefferies, which will receive a commission of up to 3% on the gross proceeds from any sales. There is no obligation for either party to proceed with the sale or purchase of shares, and the timing, volume, and price of any potential sales remain undetermined. The shares will be issued under a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission, pending SEC approval. Additionally, Boundless Bio has agreed to indemnify Jefferies against specific liabilities under the Securities Act of 1933 and the Securities Exchange Act of 1934. Either party can terminate the agreement with prior written notice. Boundless Bio has not disclosed how it plans to use the potential proceeds from this stock sale.
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