Why Is Vaxart (VXRT) Stock Down 25% Today?


  • Vaxart (VXRT) stock is falling on public offering news.
  • The company is selling 16 million shares for $15 million.
  • Underwriters can also acquire another 2.4 million shares.
VXRT Stock - Why Is Vaxart (VXRT) Stock Down 25% Today?

Source: Photo courtesy of Vaxart, Inc.

Vaxart (NASDAQ:VXRT) stock is taking a beating on Wednesday as investors react to the company announcing a proposed public share offering.

According to a press release from Vaxart, the company is holding that public offering today. This has it selling a total of 16 million shares for a total of $15 million. It doesn’t mention how much this values its stock on a per-share basis.

Vaxart is including a 30-day option for underwriters to acquire an additional 2.4 million shares in the offering. In this case, Cantor Fitzgerald & Co. is acting as the sole book-running manager for the VXRT stock offering.

Additionally, Vaxart also says what it plans to do with the money it will raise from the offering. The American biotechnology company intends to use the funds for the clinical and preclinical development of product candidates, supporting clinical trials, as well as manufacturing of product candidates, and general corporate purposes.

Other Recent VXRT Stock News

Investors will note that today’s announcement came after a clinical trial update from the company yesterday. At that time, it reported that there were no Serious Adverse Events (SAEs) reported after the last dosing in its Phase 2 Challenge Study. The company says it plans to provide further results from this trial in the coming months.

VXRT stock is also seeing decent trading on Wednesday with some 881,000 shares on the move. That’s closing in on its daily average trading volume of about 1.5 million shares. It also has VXRT stock falling 24.5% as of this writing.

Investors can find even more of the most recent stock market news below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/06/why-is-vaxart-vxrt-stock-down-25-today/.

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