Why Novavax Stock Slipped on Thursday
Few investors cheer when a long-serving official at one of their companies leaves their desk permanently. That was a key factor behind the underperformance of Novavax (NASDAQ: NVAX) stock on Thursday. The vaccine-specialist's shares dipped by almost 0.4% on the day, while the bellwether S&P 500 index crept into positive territory at nearly the same percentage rate.
The departing party is Greg Glenn, the president of research and development. Glenn's move is effective next Friday, March 31, but will serve as a consultant to the company after that. His move is not a surprise coming out of left field -- the company previously announced his departure at the end of February.
Even though it was entirely expected, Glenn's stepping down wasn't welcome news. First, research and development is a crucial area for biotechs like Novavax, as their future is heavily dependent on their pipeline programs. Second, Glenn was a longtime company mainstay, having joined Novavax in 2010.
Source Fool.com
