Novavax's Vaccine Won U.S. Authorization: 5 Reasons Why Its Stock Still Crashed
Novavax's (NASDAQ: NVAX) long wait is over. After multiple delays, the U.S. Food and Drug Administration (FDA) finally granted Emergency Use Authorization (EUA) to the company's COVID-19 vaccine on Wednesday.
You might think that the good news would have caused Novavax's shares to skyrocket. Instead, the vaccine stock sank like a brick on Thursday. What happened? Here are five reasons why Novavax stock crashed after winning U.S. authorization.
A Reuters article published on Thursday was probably the biggest cause of Novavax's big slide. This report revealed that the European Medicines Agency (EMA) determined that severe allergic reaction and "unusual or decreased feeling in the skin" are potential side effects of Nuvaxovid, the brand name under which Novavax markets its COVID-19 vaccine in Europe.
Source Fool.com
