Novavax: At It Again
On December 31, Novavax filed to sell $100 million of shares at a 2% commission. As usual, the move made no sense with a cash balance that has to be in excess of $100 million and knowledge that the company was about to release positive Phase 2 data on NanoFlu.
Any smart management team would wait for the positive data before announcing the plan to sell data. Not to mention, one still has to question the costly pursuit of NanoFlu causing the issuance of shares while the primary focus of RSF vaccines gets dilute.
The company has an interesting story, but the stock remains too hard to get behind with these moves.
Disclosure: No position. Please review the disclaimer page for more details.