Why Novavax Stock Got Mashed on Monday
Novavax (NASDAQ: NVAX), an up-and-down coronavirus stock, had a down day on Monday. The vaccine specialist's share price took a 5% hit after the company reported earnings that fell short of expectations.
For its second quarter, Novavax earned just under $186 million in total revenue, which was well under the more than $298 million in the same period last year. Although the company recorded over $55 million in product sales compared to $0 in the year-ago frame, the amount in grants it received fell by more than 60% to less than $108 million.
That reduced revenue figure, combined with steeper costs, plunged the company more deeply into the red on the bottom line. Novavax booked a net loss in excess of $510 million ($6.53 per share) against the second quarter 2021 shortfall of $352 million.
Source Fool.com
