Conatus Pharmaceuticals, Nasdaq: CNAT
Shares of Conatus Pharmaceuticals Inc. rocketed in after-hours trading. CNAT, traded on the Nasdaq, closed the regular session at $1.96, but rose to $5.90 (150%+) after Conatus Pharmaceuticals announced a licensing and collaboration agreement with Novartis AG for a liver disease treatment. Conatus said it will receive $50 million upfront from Novartis in addition to other payments for an exclusive option, collaboration, and licensing agreement for its liver disease drug Emricasan. Novartis will also pay 50% of development costs for the drug after the exercise of options.
Six Wall St. firms cover CNAT and all rate the shares as a “Strong Buy”. The consensus target price is $8 but that is certain to be reviewed by analysts after tonight’s announcement.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
|Last Price a/o 6:00 PM EST||$ 4.10|
|Market Cap||$53.5 million|
|Shares Outstanding||27.28 million|
|Share Float||25.28 million|
|Short Interest Ratio||1.43|