Why Novavax Was Wilting on Wednesday

On Wednesday, vaccine specialist Novavax (NASDAQ: NVAX) had some positive news to report. But this obviously wasn't positive enough for investors, who were pushing the stock down by just over 2% in mid-afternoon trading on Wednesday -- in contrast to the broader equities market, which was basically moving sideways.

Novavax's news is that the company has formally applied for interim authorization of its NVX-CoV2373 (Covaxin) coronavirus vaccine from the Singapore Health Sciences Authority. This follows recent similar filings throughout the world in such jurisdictions as the U.K., Canada, and the European Union (EU). Closer to Singapore, Covaxin has received Emergency Use Authorization (EUA) in Indonesia and the Philippines.

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Source Fool.com