Today's Big Losers: NVAX, AZC, ADCT Friday, November 20, 2:28 PM ET
Biotechnology company Novavax (NASDAQ:NVAX) announced it priced a public offering of 6.8 million common shares, at 3 dollars and 30 cents each. The company said net proceeds would go toward preclinical studies and clinical trials of the company's vaccines, as well as for research and development. Piper Jaffray (NYSE:PJC) and Lazard Capital Markets (NYSE:LAZ) are the joint book running managers for the offering. Novavax shares trading off more than 11%.
Augusta Resource Corporation (AMEX:AZC) announced it will not receive a record of decision by the U.S. Forest Service on its Rosemont copper project until the fourth quarter of next year. A draft environmental impact statement is expected to be released for public comment in the second quarter of 2010. The company said it will implement its project financing strategy in anticipation of permits late next year. Shares of Augusta were off a little more than 5%.
And shares of telecom company ADC (NASDAQ:ADCT) fell a little more than 13 percent, after posting its quarterly results. The company had previously changed its fiscal year end to September 30 from October 31, making the results a two-month quarter. Net loss was 20 cents per share, compared to a pro-forma 5 cents for the comparable 2008 period. Excluding certain charges, earnings would have been 6 cents per share. Looking ahead to next quarter, the company said it expects a loss of between 5 and 15 cents per share.
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