Why Novavax Stock Is Plunging Today

Shares of Novavax (NASDAQ: NVAX) were plunging 19.3% as of 10:51 a.m. ET on Friday. The decline came after the Food and Drug Administration (FDA) released briefing documents for an advisory committee meeting scheduled for June 7. This advisory committee will review Novavax's filing for Emergency Use Authorization (EUA) of its COVID-19 vaccine NVX-CoV2373.

Many investors focused primarily on the following statement in the FDA briefing document: "Multiple events of myocarditis/pericarditis were reported in temporal relationship to NVX-CoV2373 administration, similar to myocarditis following mRNA COVID-19 vaccines and raising concerns for a causal relationship to NVX-CoV2373."

The FDA noted that four of the five adverse events reported in Novavax's data occurred in young men. This demographic was found to have a higher risk for myocarditis (inflammation of the heart muscle) after receiving messenger RNA (mRNA) COVID vaccines developed by Moderna and partners Pfizer and BioNTech.

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Source Fool.com