Vaxcyte Drops 8% Following Pricing Of Offering

(RTTNews) - Shares of preclinical-stage biotechnology vaccine company, Vaxcyte, Inc. (PCVX) are falling more than 8% following pricing of a public offering of common stock and pre-funded warrants.

Vaxcyte is selling 2.5 million common shares and pre-funded warrants to purchase 2.5 million common shares.

The 2.5 million shares are being sold at $20 per share and the pre-funded warrants per underlying share.

Vaxcyte expects to receive about $100 million from the offering, which is scheduled to close on January 18, 2022.

PCVX is at $20.22 currently. It has traded in the range of $15.51- $29.29 in the last 52 weeks.