Why Novavax Shares Are Getting Slammed Today

Novavax Inc NVAX is trading significantly lower Friday morning after the company announced worse-than expected second-quarter earnings results.

Novavax reported a quarterly earnings loss of $4.75 per share, which came in below the estimate for a loss of $3.63 per share. The company reported quarterly revenue of $298 million, which was up from $36 million year over year. Novavax attributed the revenue increase to increased development activities relating to NVX-CoV2373.

Novavax raised $565 million through at-the-market offerings during the first six months of 2021.

The company filed regulatory submissions for EUA in India, Indonesia and the Philippines during the second quarter. 

"Our clinical successes over the second quarter reaffirm our confidence in NVX-CoV2373's differentiated efficacy profile. We continue to see the circulation of new variants and inequitable access to vaccines globally, demanding that we bring our COVID-19 vaccine  to market as swiftly as possible," said Stanley Erck, president and CEO of Novavax.

Price Action: Novavax has traded as high as $331.68 and as low as $76.59 over a 52-week period. 

At last check Friday, the stock was down 15.20% at $200.27.

See also: HOW TO BUY NOVAVAX (NVAX) STOCK