Vaxcyte's stock flat as biotech preps to complete $1.42 billion stock offering

By Ciara Linnane

Vaxcyte Inc.'s stock was flat on Friday, as the company prepared to complete a stock offering that is expected to generate $1.42 billion in proceeds.

The company is taking advantage of a 39% jump in its stock this week after it announced positive results from an early-stage trial of its 31-valent pneumococcal conjugate vaccine candidate in adults aged 50 and older.

The San Carlos, Calif-based biotech (PCVX) conducted the offering with underwriters BofA Securities, Inc., Jefferies LLC, Leerink Partners LLC, Goldman Sachs & Co. LLC and Evercore Group L.L.C..

The company sold 10.2 million shares of common stock and pre-funded warrants to purchase 2.4 million shares of common stock in the offering. The shares sold at a public offering price of $103 a share, while the warrants sold at $102.99 per warrant. The stock closed Thursday at $112.10.

The underwriters further agreed to purchase an additional 1.9 million shares of common stock.

Vaxcyte specializes in developing treatments for bacterial diseases.

The stock has gained 79% in the year to date, while the S&P 500 has gained 14%.

-Ciara Linnane

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09-06-24 1248ET

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