Why Novavax Stock Is Plunging Today

Novavax Inc NVAX shares are tanking Tuesday after the company reported financial results and slashed its full-year guidance.

Novavax reported second-quarter revenue of $185.93 million, which is down from $298.02 million year-over-year. The company reported a quarterly net loss of $6.53 per share, which is down from a net loss of $4.75 per share year-over-year.

"With over 23 million doses delivered since the start of the third quarter, we are distributing our vaccine globally and have gained positive momentum as we move into the remainder of 2022 and into 2023," said Stanley Erck, president and CEO of Novavax.

Novavax lowered its full-year revenue expectations to a range of $2 billion to $2.3 billion. Previously, Novavax had guided for full-year revenue between $4 billion and $5 billion.

See Also: Benzinga Before The Bell: Tesla's China Sales Plunge, Snap Rolls Out Parental Control Features, White House Unaware of Raid On Trump's Mar-a-Lago And Other Top Financial Stories Tuesday, August 9

NVAX Price Action: Novavax has a 52-week high of $145.20 and a 52-week low of $34.88.

The stock was down 30.1% at $40.02 at press time, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.

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