Why Novavax Stock Crashed Today
Shares of Novavax (NASDAQ: NVAX) plunged 19.6% on Friday after the biotech delayed its plans to seek emergency use authorization for its coronavirus vaccine candidate.
Novavax had previously hoped to obtain regulatory clearance by May, before delaying its timeline to the third quarter. The company now expects to submit its application to the U.S. Food and Drug Administration (FDA) in the fourth quarter.
The delays have likely cost Novavax the potential for billions of dollars of sales, which have instead gone to rival vaccine makers like Pfizer and Moderna.
Source Fool.com
