Novavax (NASDAQ: NVAX) reported its second-quarter results after the market closed on Monday. CEO Stanley Erck stated in a press release announcing those results, "We are pleased with our progress since the start of the second quarter." 

But investors certainly aren't pleased. Novavax stock crashed in after-hours trading after its Q2 update. And there are three words that explain why.

"Evolving market dynamics." We can summarize the root cause behind Novavax's dismal Q2 update in those three words. The company used the words itself in a public statement that accompanied its Q2 results.

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Source Fool.com