Dallas, Texas 09/20/2013 (Financialstrend) -Novavax, Inc. (NASDAQ:NVAX) shares were down by 1.56% in comparison to its previous day close price of $3.2 per share. The company has been lagging behind both its peers and market index over the past couple of days. In comparison to its 1.56% dip, the Dow Jones was down only by 0.26% and the health care index was down 0.4% on September 19. The company has a market capitalization of $448 million with over 152 million outstanding shares. Over 1.61 million shares of NVAX were traded yesterday in comparison to its 65 day average volume of trade which is around 2.55 million per day. Novavax is a biopharmaceutical company with a range of target drugs which it is guiding through the clinical test stages. The Company speciality is to discover new drugs by combining existing vaccines.
It has also forged multiple international collaborations with companies like Cadila, LG life sciences and Path to extend its global reach and leverage the human resource skills available with these bio tech firms.
In the last week of August, the company announced the final figures from its offer to acquire Isconova shares which it had announced in June’13. As per the press release, as of July 30, the company was in the receipt of over 12 million shares of Isconova which translated to approximately 97.4% of issued shares. The company proceeded to complete the offer in relation to the surrendered shares. It also extended the offer till August 20, in order to mop up the reminder shares issued by Isconova and were still outstanding. In the extended time period the company was able to recover 258,041 shares issued by Isconova and this translated to $2.1 percent of Isconova shares. So the company was in the receipt of a total of 99.5% shares outstanding and hence has decided not to extend the period of offer.