Why Novavax Stock Is Tumbling Today

Shares of Novavax (NASDAQ: NVAX) were tumbling 5.3% lower as of 11:17 a.m. ET on Thursday. The company reported positive results on Wednesday afternoon from studies evaluating its COVID-19 vaccine against the omicron variant. However, that good news wasn't enough to outweigh other developments that aren't as great for Novavax.

Three separate studies have been reported this week that indicate the omicron variant doesn't appear to be as concerning as some feared. Hospitalization rates in South Africa, England, and Scotland have been lower thus far with individuals infected by the omicron variant than with previous coronavirus strains.

In addition, the U.S. Food and Drug Administration granted Emergency Use Authorization (EUA) to Merck's oral COVID-19 therapy molnupiravir on Thursday. This follows the agency's EUA for Pfizer's COVID-19 pill on Wednesday.

Source Fool.com