Novavax stock (NVAX) tumbled down 26.2% on Thursday as a result of an update that the European Medicines Agency (EMA) issued for the biotech company’s Nuvaxovid COVID vaccine. Moving forward, the Nuvaxovid label will include several additional side effects like some skin issues and allergic reactions.
After hitting as low as $36.28, NVAX started recovering in mid-June on the back of positive news tied with Nuvaxovid. The COVID jab was approved by EMA for use in adolescents, while Novavax managed to push through a deal with SK Bioscience past EU regulators to give itself two suppliers for the European market.
Just recently, the U.S. Food and Drug Administration (FDA) administration gave Nuvaxovid an emergency use authorization (EUA) as a two-dose regimen for those 18 years and older. This made Nuvaxovid the first protein-based COVID jab to be approved for use in the United States. So far, the U.S. COVID vaccine market has been dominated by mRNA-type vaccines, including those made by Moderna and Pfizer.
All of this had a positive influence on Novavax shares, sending them to $76.12 on July 8th, the highest they have been since early April. However, the EMA’s update erased almost all of the gains, sending NVAX crashing to a $51.62 close on Thursday. Novavax stock is 61.91 percent down in 2022.