** Shares of Tarsus Pharmaceuticals TARS.O down 2.9% to $45.75 before the bell as co raises more equity than targeted
** Irvine, California-based co late Weds sold ~2.8 mln shares at $44.50 for $125 mln gross proceeds
** Offering size increased from $100 mln, priced at 5.5% discount to last sale
** Co intends to use net offering proceeds to advance commercialization of its eye care drug, XDEMVY, develop its product pipeline, among other purposes
** With ~38.3 mln shares outstanding, co has $1.8 bln market cap
** Goldman Sachs, BofA, Barclays and Oppenheimer jt bookrunners for the offering
** Through Weds, stock down 15% YTD. Shares have risen roughly 50% over the past six months
** Avg rating among 8 analysts is "buy"; median PT of $71 implies ~51% upside to stock's last close - LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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