Some small vaccine developers that saw their stocks take off on Tuesday over growing concern about the new coronavirus are using the rally to raise money.
Novavax Inc. NVAX, -27.80% in 2013 developed a vaccine for Middle East respiratory syndrome (MERS), which is also a coronavirus. On Tuesday after the market closed, the company filed a shelf registration seeking to raise more than $100 million over time. A spokesperson said Novavax also plans to develop a vaccine for the coronavirus. Its stock fell 15% in early trade Wednesday on concerns about dilution.