Novavax Inc. is already cashing in on its stock spike after announcing plans to develop a vaccine for the COVID-19 coronavirus.
The Gaithersburg biotech has raked in $98.7 million in net proceeds this quarter from selling 10.5 million shares of common stock at $9.55 per share, the company reported Monday in Securities and Exchange Commission filings. And it could sell up to $150 million more in common stock shares, the company said.
Novavax’s (NASDAQ: NVAX) stock was trading at $12.09 per share Monday early afternoon — which, though down about 24% from Friday’s close (as stocks see general volatility amid the coronavirus outbreak), is still notably high for the Maryland biotech.
Image: Novavax is developing a vaccine candidate for the COVID-19 coronavirus. This Centers for Disease Control and Prevention illustration shows the structure of coronaviruses. CENTERS FOR DISEASE CONTROL AND PREVENTION