Why Novavax Stock Is Sinking Today

Shares of Novavax (NASDAQ: NVAX) were sinking 11.9% as of 10:27 a.m. ET on Tuesday after plunging as much as 21.6% earlier in the morning. Investors reacted negatively to the company's first-quarter results announced after market close on Monday.

Novavax reported Q1 revenue of $704 million, up 57% year over year. However, the consensus estimate was for revenue of $845 million. 

The company posted its first profitable quarter ever, with Q1 earnings of $203 million, or $2.56 per share. But the average Wall Street estimate was for earnings of $2.69 per share.

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Source Fool.com