Novavax stock ends 6% higher, snaps eight-day losing streak amid waning pandemic

Sep. 27, 2022 5:41 PM ETNovavax, Inc. (NVAX)By: Anuron Mitra, SA News Editor11 Comments

Germany Begins Novavax Covid Vaccinations

Carsten Koall

  • Shares of U.S. vaccine maker Novavax (NASDAQ:NVAX) on Tuesday closed about 6% higher, ending an eight-session losing streak which included a ~27% drop in the last three days.
  • On Monday, the stock ended 13.3% in the red, after JPMorgan downgraded the Maryland-based COVID-19 vaccine maker to underweight from neutral, citing, among other things, the company's long-term outlook.
  • The stock fell another ~10% yesterday. It has been under pressure since reporting a big Q2 sales miss in Aug., having shed 53.2% since.
  • Novavax (NVAX) entered the COVID-19 vaccine space quite late, with U.S. regulators clearing its protein-based shot only in July and European regulators following suit. However, as the pandemic waned, its vaccine sales came under pressure.
  • On Tuesday, the shares rebounded to close 6.2% higher at $20.04.
  • The company earlier in the day said an initial 1M doses of its COVID-19 vaccine was now available for use in the United Kingdom.
  • Throughout Sept., the company has received approvals and expanded approvals for its COVID-19 shot in various countries for use in several age groups, including Taiwan, Israel, South Africa and the European Union.

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