Why Biondvax Pharmaceuticals Stock Is Getting Obliterated During Friday's Trading Session

Biondvax Pharmaceuticals Ltd - ADR BVXV shares are trading lower by 58.60% to $3.64 during Friday's session after the company priced its 1.6 million unit offering at $5 per unit.

Biondvax Pharmaceuticals says the offering is expected to close on December 20, subject to the satisfaction of customary closing conditions.

Biondvax Pharmaceuticals expects to use the net proceeds from the offering, together with its existing cash and cash equivalents, for the advancement of its NanoAbs development program, as well as general corporate purposes.

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According to data from Benzinga Pro, BVXV has a 52-week high of $34.90 and a 52-week low of $3.52.