Novavax, Inc. (NASDAQ:NVAX) shares are trading lower Thursday after the company announced it has extended its $225 million convertible notes deal. Additionally, B of A securities downgraded the stock yesterday from a Neutral rating to a Underperform rating and cut its price target from $9 to $7.
What To Know: Novavax said it has entered into agreements with noteholders and new investors to issue $225 million of 4.625% convertible senior notes due 2031. The deal includes about $175.3 million of notes issued in exchange for $148.7 million of existing 2027 notes and about $49.7 million issued for cash.
