Vaxart Inc (NASDAQ: VXRT) shares are trading higher on Monday after B Riley FBR initiated coverage on the company's stock with a Buy rating and announced a $22 price target.

The company also raised about $90 million in gross proceeds through at-the-market-facility.

Vaxart is a biopharmaceutical company. It is focused on the discovery and development of direct-acting antivirals to treat infections that affect patients globally.

The company has three product candidates which are; Influenza, Norovirus and RSV Vaccine, an oral fusion protein inhibitor for the treatment and prevention of respiratory syncytial virus (RSV) infections, and BTA074, a topical antiviral treatment in for condyloma caused by human papillomavirus. Geographically all the business activity is functioned through the region of the US.

Vaxart shares were trading up 50.25% at $11.99 at the time of publication on Monday. The stock has a 52-week high of $14.30 and a 52-week low of 25 cents.

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