HilleVax rallies after $100 mln stock offering

HilleVax

20/09/2023 17:22

** HilleVax Inc's  HLVX.O  shares erase early losses on Weds
and last up 3.4% at $14.93 after vaccine maker raises equity
    ** HLVX shares fell as much as 12.7% to $12.61 in first five
minutes of trading, before beginning steady ascent and first
turning positive around 11:25 am EDT
    ** Co late Tues priced 8 mln shares at $12.50, 13.4%
discount to last sale
    ** It plans to use net offering proceeds to fund clinical
development of HIL-214, candidate to prevent moderate-to-severe
acute gastroenteritis (AGE) caused by norovirus infection
    ** HLVX has ~39.2 mln shares outstanding for nearly $590 mln
market cap
    ** With move on Weds, stock up ~20% over the past month, but
still off ~11% YTD
    ** JP Morgan, Leerink, Stifel and Guggenheim jt bookrunners
for the equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))