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Why Novavax (NVAX) Stock Fell 19% on Friday
Shares of biotech company Novavax (NVAX - Free Report) plunged 19.6% in Friday trading after it delayed U.S. submission for its Covid-19 vaccine for the third time. Novavax said it now expects to apply for U.S. emergency-use authorization in the fourth quarter of this year.
NVAX has filed for emergency clearance in other regions like India, Indonesia & the Philippines, and it said it expects to submit its vaccine with the U.K., Europe, Australia, Canada & New Zealand in the third quarter.
Other news weighing on the stock is its second-quarter earnings results. The company reported a wider-than-expected loss of $4.75 per share; analysts were looking for a loss of $3.63 per share. Even though revenue skyrocketed 728% to $298 million, the top line still missed estimates of $387.9 million.
NVAX is up over 70% year-to-date.