Why CymaBay Therapeutics Shares Are Rising

CymaBay Therapeutics Inc CBAY shares are trading higher by 9.30% to $7.22 Tuesday morning. The company priced a public offering of common stock and pre-funded warrants at $7 per share and $6.999 per warrant.

What Else?

CymaBay says the company anticipates using the net proceeds from the offering to fund ongoing development of seladelpar, including clinical trials targeting market expansion, and for working capital and general corporate purposes.

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The offering is expected to close on January 26, subject to the satisfaction of customary closing conditions.

According to data from Benzinga Pro, CBAY has a 52-week high of $7.35 and a 52-week low of $1.67.