How Did The Evaxion (EVAX) Stock Fell In Early Trades Today?

In early trading today, shares of Evaxion Biotech A/S (EVAX) declined -43.93% to $7.11 at last check. EVAX closed Thursday session at $12.68, gaining 95.08%. There were 35.99 million shares traded, which was above the average daily volume of 672K shares over the past 50 days.

In the past week, EVAX shares have gained 71.35% and over the past three months they have gained 113.47%. During the past six months, EVAX stock has increased by 91.25%. The current market cap of EVAX is $236.74 million, and the number of shares outstanding is 18.94 million. Following the public offering of its ADS, EVAX stock fell.

EVAX offers ADS at what price?

Evaxion Biotech is an indicative Cognitive processing startup that is deciphering the human insusceptible framework to find and foster new chemotherapy medications to treat malignancy, bacterial diseases, and viral contaminations. EVAX is fostering a wide pipeline of imaginative item applicants dependent on its licensed and adaptable AI-immunology center innovation.

Three patient-explicit malignancy immunotherapies are among the EVAX possibilities, two of which are in Phase 1/2a clinical preliminaries. EVAX is additionally dealing with an arrangement of immunizations to forestall bacterial and viral ailments that are currently in preclinical testing.

Evaxion Biotech today declared the estimating of its follow-on open contribution of 3,428,571 American Depositary Shares (“ADSs”), valued at $7.00 per ADS.

  • Each EVAX ADS will address one common share of Evaxion with an ostensible worth of DKK 1 for every share.
  • Before guaranteeing expenses, commissions, and other contribution charges, the absolute proceeds from the offering are projected to be around $24.0 million.
  • For a time of 30 days after the date of the last outline, EVAX has conceded the underwriters the choice to obtain 514,285 extra ADSs at the follow-on open contribution cost.
  • Evaxion’s ADSs are exchanged under the symbol “EVAX” on the Nasdaq Capital Market in the United States.
  • The offering is planned to finish up on November 9, 2021, expecting all typical concluding conditions are met.
  • Oppenheimer and Co Inc is filling in as the offering’s sole book-running supervisor.
  • Lake Street Capital Markets, LLC is going about as co-supervisor for the offering, with Ladenburg Thalmann and Co. Inc. going about as lead manager.

EVAX’s cooperation endeavors:

Merck and Co., Inc., Kenilworth, NJ, USA (known as MSD outside the US and Canada) as of late declared a clinical preliminary joint effort and supply concurrence with Evaxion Biotech (EVAX) to assess the mix of EVAX’s malignant growth immunotherapy EVX-01 with MSD’s enemy of PD-1 treatment KEYTRUDA (pembrolizumab) in another Phase 2b review. Patients with metastatic melanoma stages III and IV will be taken on the multicenter Phase 2b review, which will test the custom-made neoepitope immunotherapy EVX-01 related to KEYTRUDA.