Novavax COVID Vaccine Delay Lets Moderna and Pfizer Gain More Marketshare
Posted on 08/08/2021
Novavax, Inc. (NASDAQ:NVAX) is a listed U.S. biotechnology company based in Gaithersburg, Maryland that develops gene therapies and vaccines to counter serious infectious diseases. Novavax shares plunged 19.6% on Friday after the biotech delayed its plans to seek emergency use authorization (EUA) for its coronavirus vaccine candidate.
Rival COVID vaccine makers like Pfizer and Moderna continue to gobble up marketshare and generating loads of cash. Novavax now expects to submit its application to the U.S. Food and Drug Administration (FDA) in the fourth quarter of 2021. Novavax had previously hoped to obtain regulatory clearance by May 2021. Novavax filed for emergency clearance of its COVID vaccine in India, Indonesia, and the Philippines, according to an emailed statement.