KeyBanc lowered the firm's price target on Rapid Micro Biosystems to $5 from $8 and keeps an Overweight rating on the shares. The firm is updating its model to reflect Rapid Micro's equity raise on May 18, which included a $9.8M underwritten offering of Class A common stock, pre-funded warrants, and accompanying Series A and B warrants. The initial effect is $9.8M of equity capital, which builds upon $10M of potential credit line draw and provides runway into 2027.
