Why Novavax Stock Tumbled on Thursday

Coronavirus stock Novavax (NASDAQ: NVAX) was a bit sickly on Thursday. The biotech's shares declined by just over 2% on the day, a steeper fall than that suffered by the S&P 500 index. While the company had some good news to report, it wasn't enough to move the stock price upward.

The latest development comes from over the Pacific Ocean, specifically Australia. After market hours on Wednesday, Novavax announced that the nation's Therapeutic Goods Administration (TGA) has approved the provisional registration of NVX-CoV2373. That's the company's coronavirus vaccine, which holds either authorization or approval in a number of jurisdictions around the world.

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Source Fool.com