Why Shares of Novavax Crashed 37.7% in May
Shares of coronavirus vaccine maker Novavax (NASDAQ: NVAX) tanked by 37.7% in May, according to data provided by S&P Global Market Intelligence. The collapse was a result of the company's repeated delays with the manufacturing of its coronavirus vaccine as well as its announcement that it won't file for the candidate's regulatory approval before the third quarter.
The combination of delays with regulatory filings and manufacturing delays means that Novavax won't be able to deliver its contractually obligated doses to the European Union before 2022. In short, certain raw materials needed for the vaccine are in scant supply. Furthermore, the company will be even further behind other vaccine makers like Pfizer and Moderna, which are already on the market and in wide distribution.
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Source Fool.com
