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Why Novavax Stock Is Sliding Today

TheMotleyFool

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Shares of Novavax (NASDAQ: NVAX) were sliding 6.7% lower as of 11:14 a.m. EDT on Tuesday. The decline came after the Australian newspaper The Guardian reported major delays with Australia's supply deal for Novavax's COVID-19 vaccine, NVX-CoV2373.

Novavax signed an agreement in January 2021 to supply 51 million doses of its COVID vaccine to Australia. The company planned to begin shipping doses in mid-2021. However, The Guardian reported that the schedule is being pushed back due to supply chain issues.

Most of the 51 million doses aren't expected until 2022 now, according to the newspaper. Only a relatively small number of doses of Novavax's vaccine will be shipped to Australia in the fourth quarter of this year.

Source Fool.com

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