Morning Buzz: CytRx (CYTR), BlackBerry (BBRY), Novavax (NVAX), Exact Sciences (EXAS)

CytRx Corporation (CYTR) shares are plunging, down 24% to $2.89, in early market trading on Tuesday after the company announced its intention to commence an underwritten public offering of its common stock. The company is pricing its 9.1 million share offering at $2.75 per share, for gross proceeds of $25 million.

Shares of BlackBerry Limited (BBRY) are higher by 1.04% to $7.76 in pre-market trading on Tuesday after the smartphone maker confirmed that an undisclosed number of its employees have been laid off or transferred to a new position.

BlackBerry declined to specify how many employees have been affected or what offices have been affected.

“Our intention is to reallocate resources in ways that will best enable us to capitalize on growth opportunities while driving toward sustainable profitability across all facets of our business,” the company said in an email to CBC News.

Shares of Novavax, Inc. (NVAX) are rallying, up nearly 4% on Tuesday morning. The catalyst for the increase is news on positive top-line data from a Phase 1 clinical trial of the company’s Ebola virus glycoprotein recombinant nanoparticle vaccine candidate. Novavax said the trial demonstrated that the Ebola GP Vaccine was highly immunogenic, well-tolerated and, in conjunction with Novavax’ proprietary Matrix-M adjuvant, resulted in significant antigen dose-sparing.

Shares of Exact Sciences Corporation (EXAS) are down $1.13, or 4.18%, at $25.90, after the company this morning announced an agreement to sell 7 million shares of common stock in an underwritten public offering.

Exact Sciences said it intends to use the net proceeds of this offering to fund expansion of Cologuard® commercialization activities, to fund product development efforts, and for general corporate and working capital purposes.

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