Why Novavax Stock Plunged in September
Shares of Novavax (NASDAQ: NVAX) fell by an eye-catching 17.7% in September, according to data provided by S&P Global Market Intelligence. The vaccine specialist's shares have been locked into a multi-month downward trend of late for a variety of reasons.
Chief among those reasons, Novavax has yet to earn an Emergency Use Authorization (EUA) in the U.S. for its COVID-19 vaccine candidate, NVX-CoV2373 -- a hurdle it originally expected to have cleared in May. The biotech now says it plans to file for an EUA with the Food and Drug Administration by the end of the year.
Meanwhile, Pfizer (NYSE: PFE), BioNTech, and Moderna have been racking up tens of billions of dollars in sales for their respective COVID-19 vaccines this year. Novavax, in short, is missing out on the party.
Source Fool.com
