Monday, February 28, 2022
Baudax Bio (BXRX)
Public Offering Announced; Revising EPS and Price Target
Baudax Bio is a biopharmaceutical company focused on developing therapies for post-operative pain, peri-operative pain, and anesthesia. The company currently has one approved therapy in ANJESO for post-operative pain. Proprietary ANJESO (meloxicam) injection is the first and only once-daily IV analgesic. The company also has a pipeline of early-stage candidates with two novel neuromuscular blocking agents (NMBAs), a proprietary related reversal agent to their NMBAs, and Dex-IN, an intranasal formulation of dexmedetomidine (Dex) that has sedative, analgesic, and anti-anxiety properties.
Gregory Aurand, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Announced offering. Last Friday, Baudax Bio announced a $10 million public offering, composed of 3,508,772 shares of common stock sold together with 3,508,772 warrants allowing for the purchase of a common share at $3.25. The offering price of the stock and warrant unit is $2.85. The warrants will be exercisable immediately after the offering and expire in five years. The offering is expected to close on or about March 1, 2022.
Current market environment increases the share count. While the capital raise was anticipated, the market environment has been decidedly unforgiving. While we believe it is unwarranted, the stock price has declined roughly 70% from where it was prior to the announced split. With the stock price decline, a greater number of shares are required to support company needs. With the weakness, the issued …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.