Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company developing cancer immunotherapies, today announced that it has entered into a definitive securities purchase agreement with healthcare institutional specialist investors to sell approximately 2.2 million shares of its common stock at a price of $13.50 per share in a registered direct offering for gross proceeds of approximately $30 million. The offering is expected to close on or about August 19, 2016, subject to customary closing conditions.
Jefferies LLC and Barclays Capital, Inc. are acting as lead placement agents for the offering. Cantor Fitzgerald & Co. and Guggenheim Securities, LLC are acting as co-placement agents for the offering. (Original Source)
Shares of Advaxis are currently trading at $14.39, down $0.42 or -2.86%. ADXS has a 1-year high of $22.20 and a 1-year low of $5.21. The stock’s 50-day moving average is $9.86 and its 200-day moving average is $8.49.
On the ratings front, Advaxis has been the subject of a number of recent research reports. In a report issued on August 10, Jefferies Co. analyst Biren Amin reiterated a Buy rating on ADXS, with a price target of $24, which represents a potential upside of 62.1% from where the stock is currently trading. Separately, on August 4, Barclays’ Jonathan Eckard reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Biren Amin and Jonathan Eckard have a total average return of 8.4% and -5.0% respectively. Amin has a success rate of 57.5% and is ranked #335 out of 4121 analysts, while Eckard has a success rate of 31% and is ranked #3578.
Overall, 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $24.00 which is 62.1% above where the stock closed yesterday.
Advaxis, Inc. is a clinical-stage biotechnology company, which intends to develop immunotherapies for cancer and infectious diseases. The company’s platform technology is designed to generate a comprehensive immune response by serving as its own adjuvant, directing antigen presentation, increasing tumor infiltrating killer T-cells, and decreasing Tregs/MDSCs in the tumor.