Why Novavax Stock Is Down More Than 7% Today
Shares of Novavax (NASDAQ: NVAX) are 7.2% lower as of 2:04 p.m. ET on Friday, fully wiping away gains logged early in the week following the approval and subsequent endorsement of its COVID-19 vaccine.
On the surface, the tumble seems counterintuitive. Many unvaccinated U.S. residents have reportedly been holding out for a coronavirus vaccine that isn't RNA-based. Novavax's protein-based NVX-CoV2373 is such a solution, approved by the Food & Drug Administration for emergency use over a week ago, and unanimously recommended by the U.S. Centers for Disease Control's Advisory Committee on Tuesday of this week.
Shares even moved higher (albeit briefly) in response to the news. When all is said and done, though, this week's gains weren't meant to be held.
Source Fool.com
