Novavax takes a beating on the stock exchange after FDA approval

Earlier this week, Novavax made a deal with the US authorities for 3.2 million vaccine doses, subject to the vaccine’s approval. Despite Wednesday’s approval, the firm has been nosediving on the stock exchange.

Photo: Justin Tallis/AFP / AFP

Following Thursday’s news that Novavax had finally received the sought-after emergency authorization for its Covid-19 vaccine from the US Food and Drug Administration (FDA), the firm dropped 25.1% on the stock exchange.

The vaccine in question goes by Adjuvanted in the US, and is only the fourth vaccine approved for the coronavirus in the country. Some might therefore have thought the news would have received a more warm welcome by investors.

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