VAXX - Vaxxinity slips further as post-IPO quiet period expires

With another sharp decline, the shares of Vaxxinity (VAXX -18.4%) have extended the recent losses to the sixth straight session as the quiet period for the newly IPO’ed company expires. About 343.4K company shares have changed hands, compared to the 65-day average of ~662.7K. Dallas, Texas-based biotech, focused on developing therapies for conditions such as COVID-19 and Alzheimer's disease, raised $85M in gross proceeds from its IPO last month. The stock closed sharply higher on its trading debut. As the post-IPO quiet period comes to an end, Bank of America, one of the lead book-running managers for the offering, has initiated its coverage on Vaxxinity (NASDAQ:VAXX) with a Buy recommendation. The price target of $21 per share implies a premium of ~138.1% to the last close. Meanwhile, Seeking Alpha contributor Avisol Capital Partners after an analysis on Vaxxinity (VAXX) prior to its IPO, issued a Neutral rating for the stock.

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Vaxxinity slips further as post-IPO quiet period expires