Why Is Evaxion Biotech (EVAX) Stock Up 30% Today?


  • Evaxion Biotech (EVAX) stock is gaining on Wednesday on news of a new investment.
  • Merck (MRK) now holds an 11.4% stake in the company.
  • This comes from its 2,297,884 shares of EVAX and warrants for another 2,297,704 shares.
EVAX Stock - Why Is Evaxion Biotech (EVAX) Stock Up 30% Today?

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Evaxion Biotech (NASDAQ:EVAX) stock is on the rise Wednesday after the company revealed a stake held by Merck (NYSE:MRK).

A filing with the Securities and Exchange Commission (SEC) notes that Merck now holds an 11.4% stake in Evaxion Biotech. That comes from the 2,297,884 shares of EVAX and warrants to acquire another 2,297,704 shares that the company owns.

The stake that Merck holds is based on the 40,204,700 shares outstanding as of Jan. 11, 2024. That comes from 37,906,996 shares of MRK stock outstanding and 2,297,704 shares issuable upon the exercise of warrants.

EVAX Stock ADS Ratio Change

Investors will also note that Evaxion Biotech underwent an American Depositary Share (ADS) ratio change earlier this week. That has the same effect as a 1-for-10 reverse stock split. The company took this action to boost the price of its shares above the $1 minimum required to list on the Nasdaq Exchange.

Today’s news also has some 500,000 shares of EVAX stock changing hands. That’s a massive jump compared to its daily average trading volume of about 27,000 shares.

EVAX stock is up 29.5% as of Wednesday morning.

Investors seeking out even more of the latest stock market stories will want to stick around!

We have coverage of all the hottest stock market news traders need to know about on Wednesday! Among that is what’s sending Getaround (NYSE:GETR) stock higher, the biggest pre-market stock movers this morning and more. All of that info is ready to go at the links below!

More Stock Market News for Wednesday

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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.

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