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Why Novavax Tanked Monday

TheMotleyFool

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Monday was eventful for vaccine specialist Novavax (NASDAQ: NVAX), with several updates overshadowing good financial news for the company. Novavax's shares, consequently, ended the day 8.8% lower.

The most immediate event for Novavax was actually a positive one. In its first-quarter earnings release published Monday morning, the biotech revealed that it earned $447 million in revenue, miles ahead of the nearly $3.4 million in the same quarter of 2020. Net loss, though, deepened to almost $223 million ($3.05 per share) from the year-ago deficit of almost $26 million.

Image source: Getty Images.

Source Fool.com

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