HomeTrending StocksHere is why Vaxcyte Inc. (PCVX) stock slid down on Wednesday?

Here is why Vaxcyte Inc. (PCVX) stock slid down on Wednesday?

Vaxcyte Inc. (PCVX) shares plunged 8.05% in after-hours on Wednesday, January 12, 2022, and closed the daily trading at $20.23. Even in the regular trading session of Wednesday, PCVX’s stock lost 6.82%. PCVX shares have fallen 14.73% over the last 12 months, and they have moved down 7.99% in the past week. Over the past three months, the stock has lost 9.47%, while over the past six months, it has gained 7.37%.

Let’s have a brief discussion about its recent news and developments.

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PCVX proposed a public offering of common stock

On January 12, 2022, Vaxcyte, Inc. (PCVX), commenced an underwritten public offering of its common stock and pre-funded warrants. Vaxcyte intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its common stock offered in the public offering.

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FDA accepted PCVX IND for VAX-24

On January 06, 2022, the U.S. Food and Drug Administration (FDA) cleared the Investigational New Drug (IND) application for VAX-24, which is a PCVX lead, 24-valent pneumococcal conjugate vaccine (PCV) candidate designed to prevent invasive pneumococcal disease.

Vaxcyte expects to initiate the VAX-24 Phase 1/2 clinical study in adults in the first quarter of 2022 and announce topline immunogenicity results by the end of the year.

PCVX latest financial results

On November 10, 2021, Vaxcyte, Inc. (PCVX), reported financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • PCVX reported zero revenue for Q3 2021.
  • General and administrative expenses were $6.5 million for the three months ended September 30, 2021, as compared to $4.9 million for the same period in 2020.
  • Research and development expenses were $20.4 million for the third quarter of 2021 compared to $16.4 million in Q3 2020.
  • It suffered a net loss of $26.6 million or net loss per share of $0.51 in Q3 2021 compared to $21.0 million or net loss per share of $0.41 for the same period in 2020.
  • The company ended the third quarter with cash, cash equivalents, and investments of $318.3 million compared to $386.2 million as of December 31, 2020.

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The proposed public offering of common stock was the reason behind its plummeting on Wednesday and we can expect it to further decline in the coming trading sessions on Thursday.

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