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CERU

Cerulean

$0.68

-0.0168 (-2.41%)

08:05
10/19/16
10/19
08:05
10/19/16
08:05

Cerulean announces $20M firm commitment at-the-market agreement with Aspire

Cerulean Pharma announced that it has entered into a $20M common stock purchase agreement and a registration rights agreement with Aspire Capital Fund, a Chicago-based institutional investor. These agreements constitute a firm commitment at-the-market equity facility. Immediately following the execution of the Purchase Agreement, Aspire purchased 800,000 shares of common stock for $1.25 per share. Cerulean has the right to sell up to the remaining $19.0 million of its common stock to Aspire over a 24-month period, at prices based on a formula linked to current market prices at the time of each sale. Aspire has the obligation to purchase common stock from Cerulean in amounts and timing determined by Cerulean in its sole discretion, subject to certain limits. The Purchase Agreement does not contain any restrictions on the use of any of the proceeds, financial or business covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages. In connection with entering into the Purchase Agreement, Cerulean issued 700,000 commitment shares to Aspire. There are no warrants associated with this transaction. The Purchase Agreement may be terminated by Cerulean at any time, at its discretion, without any cost.

CERU Cerulean
$0.68

-0.0168 (-2.41%)

08/18/16
JMPS
08/18/16
DOWNGRADE
JMPS
Market Perform
Cerulean downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Michael King downgraded Cerulean after the company announced negative top-line results from a study of its CRLX101 drug in patients with advanced renal cell carcinoma. Noting that the study indicated that there was no difference between the results of patients taking CRLX101 and those taking the standard treatment, King says that the stock is fairly valued at current levels.
08/18/16
ROTH
08/18/16
NO CHANGE
Target $2.5
ROTH
Buy
Roth Capital trims Cerulean price target, but remains a buyer
Roth Capital analyst Joseph Pantginis lowered his price target for Cerulean to $2.50 from $9 after the company's Phase 2 clinical trial of CRLX101 for advanced renal cell carcinoma, or RCC, demonstrated no statistically significant difference. Nonetheless, with a platform technology providing long-term pipeline fill and improvements in tumor targeting, Pantginis believes Cerulean remains an attractive opportunity despite the failure in late-stage RCC. He reiterates a Buy rating on the shares.
08/18/16
08/18/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Twitter (TWTR) downgraded to Sell from Hold at Evercore ISI with analyst Ken Sena saying he sees "more risk than reward" ahead of Snapchat's anticipated monetization ramp this fall. 2. Ambev (ABEV) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Jeronimo De Guzman saying valuation is full and sees difficult near-term trends ahead given lower disposable income, volume weakness, and lower realized pricing. 3. Icahn Enterprises (IEP) downgraded to Sell from Neutral at UBS saying the company's net asset value, despite declining 49% since second quarter of 2015, seems to include optimistic valuations. 4. Cerulean (CERU) downgraded to Neutral from Buy at Janney Capital, to Market Perform from Outperform at Leerink, and to Market Perform from Outperform at JMP Securities. 5. Magellan Midstream (MMP) downgraded to Underweight at Morgan Stanley with analysts led by Tom Abrams citing a relatively high valuation as the number of lower multiple investment choices has increased. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/18/16
WEDB
08/18/16
DOWNGRADE
WEDB
Neutral
Cerulean downgraded to Neutral from Outperform at Wedbush

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