Published
July 14, 2023
Novavax's COVID-19 vaccine won U.S. authorization in 2022, but its stock cratered from over $300 to near $10 — investors say they were misled about delivery promises.
Novavax Approved in June 2022
On June 7, 2022, the Novavax Covid-19 Vaccinate has been approved for use in the United States. In an FDA board advisory meeting, 95% of board members voted yes, while one board member abstained. While this meeting was being held, Novavax publicly traded stock was halted from trading by Nasdaq, the stock market maker that lists Novavax on its market exchange.Novavax Stock Price Down
However, Novavax Stock is down from a peak of over $300 per stock in the midst of the crisis, before approval, to under $20 per stock as of September 26, 2022. Investors in Novavax stock feel bamboozled over promises of vaccine deliveries and jabs in arms. As of July 14, 2023 the stock price is hovering near $10.00, very close to an all-time low for the trailing 52 weeks.What is the Novavax Coronavirus Vaccine?
Novavax had developed Novavax with a novel platform in 2020 under Operation Warp Speed, which received about $1.6 Billion in funding from the United States Government. Novavax is based on a more traditional vaccine technology than messenger RNA vaccines such as Moderna's mRNA vaccine, and Pfizer's mRNA vaccine. Novavax was originally tested on about 30,000 volunteers when the coronavirus "alpha" strain was more prevalent than the ongoing Omicron or ba-2 variants as of June 2022.Free settlement alerts
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