Novavax Inc. (NASDAQ: NVAX) shares tanked 13.86% pre-market on Tuesday after the company indicated that it is not planning to file for authorization of note coronavirus vaccine in Europe and the US until the third quarter.
The stock plunged after Washington Post reported that Novavax’s EUA for its COVID-19 vaccine had been pushed back. The biotech company will not publish the results of its highly-anticipated COVID-19 vaccine until the end of this month. There have been concerns among investors that there might be issues with the vaccine results rather than a simple delay preventing Novavax from filing EUA. According to the report, Novavax has to reach an agreement with the US FDA over assay issues which aids in checking vaccine quality.
CEO Stanley Erck said that the company is still in discussions with authorities for emergence use authorization, and the company is committed to bringing its vaccine globally. In the coming weeks, eyes will be on Novavax stock as the company prepares to release its COVID-19 vaccines study results.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.