Why Novavax Shares Are Plunging Today - Novavax (NASDAQ:NVAX)

The European Medicines Agency identified severe allergic reactions as potential side effects of Novavax Inc's NVAX COVID-19 vaccine.
A few cases of anaphylaxis have been reported spontaneously with the use of Nuvaxovid, but which are not necessarily related to or caused by the vaccine.
The EMA said it would also update the product information for the vaccine to add unusual or decreased feeling in the skin as a new side effect.
According to the European Center for Disease Prevention and Control, only 250,000 doses of Novavax's COVID vaccine, Nuvaxovid, have been administered in Europe since its launch in December.
Yesterday, the FDA granted emergency use authorization for Novavax's vaccine for adults aged 18 and older.
FDA's product label warns against administering the shot to people with a history of allergic reactions to any components of the shot.
Earlier this week, the U.S. Department of Health and Human Services (HHS), in collaboration with the Department of Defense, announced an agreement to secure an initial 3.2 million doses of Novavax's COVID-19 vaccine, adjuvanted.
Price Action: NVAX shares are down 26.40% at $51.41 during the market session on the last check Thursday.

Why Novavax Shares Are Plunging Today Despite Much Awaited FDA Emergency Nod?