Why Investors Yawned at Novavax's Great FDA Panel News
Tuesday was a crucial day for Novavax (NASDAQ: NVAX). At long last, the U.S. Food and Drug Administration (FDA) Vaccines and Related Biological Products Advisory Committee (VRBPAC) met to review the company's COVID-19 vaccine data. A negative recommendation from the FDA advisory committee held the potential to deliver a crushing blow.
But that didn't happen. Instead, the VRBPAC members voted 21-0 in favor of recommending Emergency Use Authorization (EUA) for Novavax's NVX-CoV2373, with one abstention.
Novavax's shares initially moved higher on Wednesday, starting the day up around 10%. However, the upward momentum for the vaccine stock didn't last long. By mid-morning, all of the early gains had evaporated. Here's why investors yawned at Novavax's great FDA-panel news.
Source Fool.com
