In a released Form 4, filed by insiders or shareholders of more than 10% ownership, Adage disclosed that it purchased an additional 500,000 shares of Advaxis at $19. The hedge fund now owns 5.64 million shares of Advaxis, or about 19% of company's shares outstanding. This makes Adage the largest holder.
Adage has taken part in Advaxis' previous two financings, with the majority of its stake purchased at a $4.25 offering and another 10% at a $7.50 price. In the most recent public offering, Adage averaged its Advaxis position up at a purchase price of $19 per share just to keep 19% ownership.
Adage buying more Advaxis at 150% higher than its previous investment is an endorsement for the company moving forward. Such a move indicates that Adage believes Advaxis' recent run will continue upward.
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