Evaxion (EVAX) Stock Price Fell 44% Premarket on Discounted Stock...

Evaxion Biotech A/S – ADR (NASDAQ: EVAX) stock price fell 44% during premarket trading after raising $24 million via a discounted share subscription.

As covered in this article, the biotech company, which rose 236% during premarket trading yesterday, saw its shares fall following the discounted bookbuild.

Evaxion sold 3.43 million shares at $7.00 each, triggering today’s decline to the $7.10 price level. Oppenheimer led the bookbuild for the share offering.

X testing X

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

As reported in yesterday’s article, the company initially wanted to offer 5.2 million shares to raise $40 million but reduced to 3.43 million shares.

Inventors who chased Evaxion shares higher yesterday are sitting on significant losses, especially if they bought at the highs.

However, even traders who bought the company’s shares at the closing price of $12.68 are sitting on a 44% loss.

Still, this does not mean that Evaxion shares will not rally again. Only time will tell whether yesterday’s bullish investor sentiment will return.

As for the biotech company’s fundamentals, I highlighted its deal with Merck & Co. to test its cancer immunotherapy treatment EVX-01 in collaboration with Merck’s Keytruda, which could turn into a lucrative commercial agreement if successful.

The two companies are currently running a phase 2b clinical trial on patients with stages III and IV metastatic melanoma.

*This is not investment advice.

Evaxion stock price.

Evaxion stock price was down 44.01% during premarket trading to trade at $7.10 after falling from Thursday’s closing price of $12.68.

Should you invest in Evaxion Stock?

Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You’ve probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now.

See our best tech stocks guide.

[optin-monster slug=”p0ejbloqlwcce16kx3do”]