NEW YORK (TheStreet) -- Novavax (NVAX) - Get Report shares are down 7.57% to $8.55 on heavy volume in early market trading on Wednesday after the clinical-stage vaccine company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants announced its intentions to sell $175 million of its common stock.
The company said that the proceeds from the sale will be used for the advancement of its lead vaccine candidates, some of which are already in their phase III trial stages.
J.P. Morgan (JPM) - Get Report and Citigroup (C) - Get Report will act as the joint book runners for the offering with underwriters being granted a 30-day option to purchase an additional $26.25 million of its common stock.
Novavax did not disclose the date of the offering. Novavax shares fell 4% in after-hours trading yesterday following the announcement.
TheStreet Ratings team rates NOVAVAX INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: NVAX Ratings Report