Shares of Zura Bio Ltd ZURA shares are trading lower Wednesday, possibly on profit-taking after the stock rallied roughly more than 35% Tuesday afternoon.
The company triggered interest, and the move has been part of a pattern since it raised $80 million in a private placement to start two Phase 2 trials of the company's lead therapies.
In March, Zura Bio merged with JATT Acquisition Corp, a special-purpose acquisition company.
The business combination resulted in approximately $65 million in gross cash proceeds to support research and development initiatives and potential future acquisitions.
Immediately after its public debut, Zura Bio announced the license from Eli Lilly of tibulizumab, a potential first-in-class anti-IL-17 and anti-BAFF dual antagonist. Following the closing, the compound will be known as ZB-106. Zura Bio priced $80 million in private placement financing.
Analysts are beginning to notice the stock.
Chardan Capital recently began coverage on the stock with a buy rating and a price target of $14.
Raymond James initiated coverage on Zura Bio with a price target of $20 and a Strong Buy rating.
Price Action: ZURA shares are down 6.25% at $12 during the premarket session on the last check Wednesday.
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