Why HilleVax Shares Are Trading Lower

HilleVax Inc HLVX shares are trading lower by 8.5% to $13.20 Wednesday morning after the company announced pricing of its previously-announced public offering of common stock.

The company's offering of 8 million shares of its common stock will be at an initial price to the public of $12.50 per share. Gross proceeds before offering expenses are expected to be around $100 million.

HilleVax says the company intends to use the net proceeds from the offering to fund the clinical development of HIL-214, including certain manufacturing activities, and for working capital and general corporate purposes.

According to data from Benzinga Pro, HLVX has a 52-week high of $23.10 and a 52-week low of $11.35.