Novavax stock drops as wider-than-expected loss overshadows vaccine booster data

2 months ago 16
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Novavax Inc. shares fell successful the extended league Thursday aft the biotech’s wider-than-expected nonaccomplishment connected the 4th overshadowed affirmative results for its COVID-19 vaccine booster.

Novavax NVAX, +5.54% shares fell 9% aft hours, pursuing a 5.5% summation successful the regular league to adjacent astatine $236.20.

The institution reported a second-quarter nonaccomplishment of $352.3 million, oregon $4.75 a share, compared with a nonaccomplishment of $17.5 million, oregon 30 cents a share, successful the year-ago period.

Revenue soared to $298 cardinal from $35.5 cardinal successful the year-ago 4th due to the fact that of services performed for the U.S. authorities and nether Coalition for Epidemic Preparedness Innovations agreements.

Analysts surveyed by FactSet, however, had forecast a nonaccomplishment of $3.63 a stock connected gross of $387.9 million.

The institution besides announced its COVID-19 vaccine booster fixed astatine six months aft an archetypal two-dose regimen accrued virus-fighting antibodies by 4 times, and by six times for those that fought the delta variant, according to results from a caller study.

Novavax said it filed with regulators successful India, Indonesia, and the Philippines to person an exigency usage support for its NVX-CoV2373 vaccine.

“We presumption these submissions arsenic the archetypal of galore filings to come, which volition let NVX-CoV2373 to beryllium made disposable astatine a planetary scale,” said Stanley Erck, Novavax president and main executive, successful a statement. “We proceed to spot the circulation of caller variants and inequitable entree to vaccine globally, demanding that we bring our COVID-19 vaccine  to marketplace arsenic swiftly arsenic possible.”

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