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.
The new notes carry an initial conversion price of $11.14 per share, a 27.5% premium to Novavax's closing price on August 20, 2025. Following the transaction, which is expected to close on or about Aug. 27, approximately $26.5 million of the 2027 notes will remain outstanding under their original terms.
How To Buy Novavax Shares
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Novavax's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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NVAX Price Action: At the time of writing, Novavax shares are trading 10.51% lower at $7.82, according to data from Benzinga Pro.
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