What's Going On With Novavax Hitting A New 52-Week Low?

Novavax Inc NVAX shares are trading lower by 4.4% to $5.08 Wednesday afternoon. Shares of several COVID vaccine stocks are trading lower after Pfizer Inc. provided FY24 guidance.

Pfizer's guidance might hint at a saturation point in the COVID vaccine market. If projections indicate slower growth or lower revenue due to factors like vaccine hesitancy, reaching market saturation or declining demand, investors might worry about similar challenges for other vaccine manufacturers.

What Happened With Pfizer?

Pfizer revealed its projected earnings for 2024, factoring in the Seagen Inc acquisition, which was approved by regulators roughly nine months after its announcement.

The anticipated revenue for FY24 is estimated at $58.5 billion to $61.5 billion due to the addition of Seagen. However, this falls below the consensus estimate of $63.17 billion....Read More

According to data from Benzinga Pro, NVAX has a 52-week high of $18.22 and a 52-week low of $5.06.