Why Vaxcyte Stock Is Sliding After Hours

Vaxcyte Inc PCVX shares are trading lower in Monday's after-hours session after the vaccine company announced the commencement of a proposed public offering.

What Happened: Vaxcyte commenced an underwritten public offering of its common stock and pre-funded warrants, subject to market and other conditions. The company did not provide a timeline for completion or details on the size of the offering.

Vaxcyte is a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases.

See Also: What's Going On With Moderna Stock Monday?

PCVX Price Action: Vaxcyte shares surged 16% during Monday's regular session after the company reported positive data from a Phase 2 study of its 24-valent pneumococcal conjugate vaccine candidate.

The stock was down 5.6% after hours at $39.97 at the time of writing, per Benzinga Pro.

Photo: kkolosov from Pixabay.