Can-Fite BioPharma (CANF, Financial) has finalized agreements for a registered direct offering involving the sale of 2.5 million of its American Depositary Shares. Each ADS is priced at $1.20, resulting in gross proceeds anticipated to reach $3 million. This transaction does not account for the fees and expenses associated with the placement agent, H.C. Wainwright, who is serving as the exclusive facilitator for the offering.
The company plans to utilize the net proceeds from this offering primarily to support its ongoing research and development initiatives. Funds will also be allocated to clinical trials and may be used for general corporate purposes as well as working capital needs. This move is part of Can-Fite BioPharma's broader strategy to advance its pipeline and operational goals.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for Can Fite Biofarma Ltd (CANF, Financial) is $14.00 with a high estimate of $18.00 and a low estimate of $10.00. The average target implies an upside of 777.74% from the current price of $1.60. More detailed estimate data can be found on the Can Fite Biofarma Ltd (CANF) Forecast page.
Based on the consensus recommendation from 2 brokerage firms, Can Fite Biofarma Ltd's (CANF, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Can Fite Biofarma Ltd (CANF, Financial) in one year is $2.78, suggesting a upside of 74.29% from the current price of $1.595. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Can Fite Biofarma Ltd (CANF) Summary page.
