BiondVax Pharmaceuticals Ltd. (BVXV), a development-stage biopharmaceutical company, has surged 12.50% in the premarket trading session. Consequently, BVXV stock is trading at $2.61 at the time of the writing. The surge could be attributed to the successful closing of an underwritten offering of ADSs. On Wednesday, BVXV closed the day at $2.32 after sliding 6.83% during regular trading hours.
Why BVXV Surging?
On Wednesday, BVXV announced the closing of an underwritten public offering of 4,144,068 American Depositary Shares (ADSs). The public offering price for the shares was placed at $2.36 per ADS. The company estimated the gross proceeds from the offering to stand at $9.8 million in aggregate. Each of the ADS represents the 40 ordinary shares of the company. The company intends to use the net proceeds for the advancement of its recently announced nanosized antibody development program as well as for general corporate purposes.
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Q3 2021 Operational Results
On 30th November, BVXV released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The total operating income generated by the company during the quarter stood at $8.2 million against $55.6 million for the same quarter of 2020. The net loss suffered by the company during the period was $9.04 million against the net income of $55.3 million for the same period of 2020. The basic and diluted loss per share for the quarter stood at $0.02 against the basic income of $0.12 per share for the same period of 2020.
While commenting on the results, Amir Reichman, CEO of BVXV said that the company is streamlining manufacturing for clinical and commercial batches of therapies for known and emerging COVID-19 variants. Alongside that, the company is also striving for making the batches of anticipated psoriasis, asthma, macular degeneration, and psoriatic arthritis VHH-antibody therapies.
Future Outlook for BVXV
During the last month, BVXV stock has surged more than 27%. Based on that, analysts are suggesting that the stock would continue following a similar rising trajectory in months to come. Hence, potential investors should keep a close eye on the performance of the stock.