Here's What's Going On With Novavax Shares

Novavax, Inc. NVAX shares are trading lower by 3.05% to $58.43 Monday afternoon in sympathy with BioNTech SE - ADR BNTX, which reported worse-than-expected second-quarter results.

What Happened?

BioNTech believes the development of the pandemic remains dynamic, causing a re-phasing of orders and leading to fluctuations in quarterly revenues. 

This revenue fluctuation caused by the re-phasing of orders is expected to remain over the rest of the financial year with uptake in demand in key markets in fourth-quarter FY22 related to the Omicron-adapted bivalent vaccine, subject to regulatory approval... Read More

According to data from Benzinga Pro, Novavax has a 52-week high of $277.80 and a 52-week low of $34.88.