Why Novavax Stock Plummeted on Thursday

On Thursday, the price of one of the more volatile coronavirus vaccine stocks, Novavax (NASDAQ: NVAX), headed sharply for the ground. The slump followed the disheartening news that a major regulatory decision on one of the company's products will likely be handed down later than expected. At the close of the session, the stock was down by more than 17%.

The Food and Drug Administration (FDA) said Thursday that it must review changes to Novavax's production processes as part of its overall authorization process for the NVX-CoV2373 coronavirus vaccine.

In a statement to financial news channel CNBC, the FDA said that Novavax informed it last Friday that the company had made changes to that process.

Source Fool.com