Novavax Stock Tumbled 19% in Morning Trading

Tiger Newspress2022-05-10

Novavax Stock Tumbled 19% in Morning Trading. The biotech company reported its first profitable quarter, but not by as much as Wall Street expected.Novavax said it earned $203 million, or $2.56 a share, in the quarter, swinging from a net loss of $223 million, or $3.05 a share, in the year-ago period.

Revenue rose to $704 million, from $447 million a year ago.

Analysts polled by FactSet expected Novavax to report earnings of $2.69 a share on sales of $845 million.

Novavax said it has been "successful" in launching its COVID-19 vaccine worldwide and it is on track to expand its label use.

"Importantly, as new variants have emerged, we have progressed our strategy to be ready to address the dynamic environment and continue development beyond COVID-19 with our COVID-19-influenza combination vaccine candidate," Chief Executive Stanley C. Erck said in a statement.

Novavax also reiterated its 2022 revenue guidance of between $4 billion and $5 billion.

The company has submitted an emergency-use authorization request for its COVID-19 vaccine, with the U.S. Food and Drug Administration's advisory committee scheduled to meet June 7. The vaccine is authorized in a few other countries.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Miketee74
    2022-05-11
    Miketee74
    Speechless! Gain also drop!! Just because not meet expectations. The question is "are those expectation valid?". 
  • Hhee
    2022-05-11
    Hhee
    Ok
  • Pepeflabs
    2022-05-11
    Pepeflabs
    Ok
  • Pepeflabs
    2022-05-11
    Pepeflabs
    Bonk
  • Huatkor
    2022-05-10
    Huatkor
    😡
  • GangKK
    2022-05-10
    GangKK
    [Call] [Call] [Call] [Call] [Call] [Call] [Call] [Call] 
Leave a comment
8