Here's Why Novavax Stock Is Crashing

Novavax, Inc NVAX shares slipped nearly 10% in the after-hours trading on Thursday.

What’s Moving? The biotechnology company’s shares crashed 9.79% to $213.07 in the after-hours session on Thursday after closing 5.54% higher at $236.20.

The fall in the shares came after the company said that it will delay its submission for an emergency use authorization with the U.S. Food and Drug Administration to the fourth quarter of 2021.

See Also: How To Buy Novavax (NVAX) Shares

Why Is It Moving? The company released its second-quarter results Thursday with earnings per share of minus $4.75, a loss sharper than the negative $3.63 figure estimated by Wall Street.

In May, it was reported that Novavax held discussions with regulators and sought to pursue authorization in the U.S. in the third quarter.

Novavax said it had submitted regulatory filings with agencies in India, Indonesia, and the Philippines. The company says it expects to file for emergency use listing with the World Health Organization in August.

The company said in a statement that it is still on track to achieve a capacity of 100 million doses per month by the end of the third quarter and 150 million doses per month by the end of the fourth quarter.

Read Next: FDA Looks To Grant Full Approval To Pfizer's COVID-19 Vaccine By Early September: NYT