Why Novavax Stock Is Sinking Today
Shares of Novavax (NASDAQ: NVAX) were sinking 12.8% lower as of 12:05 p.m. EDT on Monday. The decline came after Reuters reported that Novavax plans to begin delivering COVID-19 vaccine NVX-CoV2373 to the European Union near the end of 2021 but most of its commitment of up to 200 million doses won't be shipped until next year.
There's good news and bad news with Reuters' report. The good news is that Novavax appears to be close to finalizing a major supply deal with the EU. The company reached a preliminary agreement with the 27-member economic and political union in December. However, the deal wasn't finalized at that time because Novavax has experienced difficulties sourcing some raw materials.
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Source Fool.com
