Why Novavax Stock Is Plunging Today

Novavax Inc NVAX shares are trading lower Tuesday after the company reported worse-than-expected financial results.

Novavax reported first-quarter revenue of $704 million, which came in below the $845.2 million estimate. The company reported quarterly earnings of $2.56 per share, which came in below the estimate of $2.69 per share, according to data from Benzinga Pro.

Novavax said the first quarter was its first profitable quarter as a commercial-stage company. The company reiterated full-year 2022 revenue guidance of $4 billion to $5 billion versus the estimate of $4.49 billion.

On the company's conference call, Novavax said it remains on track to pursue full approval of its Covid vaccine in the U.S. in the second half of 2022.

See Also: Novavax's 22% Post-Earnings Plunge: 5 Factors That Took Toll

NVAX Price Action: Novavax is making new 52-week lows on Tuesday.

The stock was down 22.1% at $41.48 at time of publication.

Photo: Jernej Furman from Flickr.