Novavax, Inc. (NASDAQ: NVAX) shares are experiencing a decline today following a recent surge in price after receiving Emergency Use Authorization (EUA) from the FDA for their updated protein-based COVID-19 vaccine for individuals aged 12 and older.
Factors Influencing the Stock Decline
The market’s response to Novavax’s vaccine EUA approval has resulted in a pullback of over 8% in the company’s stock price. This decline can be attributed to several factors:
- The vaccine is based on older technology compared to the mRNA vaccines of Moderna Inc (NASDAQ: MRNA), Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) which have also received FDA approvals.
- The FDA recently approved updated vaccines from Moderna Inc, Pfizer Inc, and BioNTech SE for the fall, all of which are anticipated to provide protection against current strains of the virus.
Novavax Stock Performance
At the time of publication, Novavax stock (NVAX) closed down 4.43% at $7.33.
The decline in Novavax stock today can be attributed to a pullback in response to the recent surge in price following the FDA’s Emergency Use Authorization for their COVID-19 vaccine. Despite the decline, Novavax continues to play a significant role in the development and distribution of vaccines to combat the ongoing pandemic.
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