Novavax Down Second Straight Day On Concerns About Delays

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Novavax Down Second Straight Day On Concerns About Delays
Credit: © Reuters.

By Dhirendra Tripathi – Novavax (NASDAQ: NVAX ) extended losses for the second consecutive day, plunging 12% in Tuesday’s trade a day after the vaccine maker said it is pushing back its timetable for seeking regulatory approvals for its Covid-19 shot.

The company said it intended to apply for permissions in the U.S, the U.K. and Europe in the next quarter.

Cumulatively, Novavax share price is now down by more than half of its year’s high of $331.

Market makers are puzzled by the continuing delay at the company’s end at a time when the likes of Pfizer (NYSE: PFE )-BioNTech (NASDAQ: BNTX ) and Moderna (NASDAQ: MRNA ) have supplied millions of doses in the U.S., and AstraZeneca (NASDAQ: AZN ) has done so in Europe and India.

A Washington Post report Monday said the company delayed plans to seek emergency use authorization.

The Gaithersburg-based vaccine developer is yet to supply a single dose even as it has manufacturing agreements with India’s Serum Institute, Japan’s Takeda and South Korea’s SK Bioscience to make the shots.




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