Why Novavax Stock Couldn't Win on Wednesday
Food and Drug Administration (FDA) authorization for a product typically delivers a nice stock price boost for the affected company. This, however, wasn't the case with vaccine specialist Novavax (NASDAQ: NVAX) on Hump Day, as the latest FDA green light had the opposite effect, driving the shares down by almost 4% on the day.
The FDA has granted emergency use authorization (EUA) for Novavax's booster coronavirus shot, an adjuvanted version of its NVX-CoV2373. There are significant caveats to this, however; the EUA covers the booster only for adult use, and for recipients for whom an mRNA bivalent booster vaccine is either unavailable, or inappropriate for their health status.
The two leading coronavirus jabs (and boosters) on the U.S. market utilize mRNA technology -- Spikevax from biotech Moderna, and Comirnaty developed by Pfizer and BioNTech.
Source Fool.com
