Why Novavax Stock Is Plunging Today

Shares of Novavax (NASDAQ: NVAX) were plunging 30.8% lower at 10:54 a.m. ET on Tuesday. The steep decline came after the vaccine maker announced its second-quarter results following the market close on Monday.

Novavax reported Q2 revenue of $186 million, down nearly 38% year over year. This result was also well below the average analysts' estimate of $1.02 billion. The company posted a net loss in Q2 of $510 million, or $6.53 per share, compared to a net loss of $352.3 million, or $4.75 per share, in the prior-year period. The consensus estimate was for positive earnings in Q2 of $5.50 per share. 

To add insult to injury, Novavax cut its full-year revenue guidance in half. The company now projects revenue in 2022 of between $2 billion and $2.3 billion. It previously expected full-year revenue of between $4 billion and $5 billion.

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Source Fool.com