Why Vaxart Stock Is Tumbling Today

Vaxart Inc VXRT shares are trading lower Wednesday after the company proposed a public offering of common stock.

What Happened: Vaxart commenced an underwritten public offering. The company expects to grant to the underwriter a 30-day option to purchase up to an additional 15% of shares. All of the shares are being offered by Vaxart. 

Vaxart said it currently intends to use the net proceeds to support clinical and preclinical development of its product candidates, as well as for clinical trials and manufacturing.

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on a proprietary delivery platform.

See Also: Why Lovesac Shares Are Gaining Today

VXRT Price Action: Vaxart has a 52-week high of $4.61 and a 52-week low of 56 cents.

The stock was down 27.4% at 90 cents at the time of writing, per Benzinga Pro.

Photo: MasterTux from Pixabay.