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Novavax Rout Extends 87% From Peak Amid Covid-Shot Setbacks

  • Forecast cut is worse than feared, a B. Riley analyst says
  • Vaccine making peers, Moderna and BioNTech, also traded lower
A Novavax logo on a lab coat in Gaithersburg, Maryland.

A Novavax logo on a lab coat in Gaithersburg, Maryland.

Photographer: Jon Cherry/Bloomberg
Updated on

The selloff in Novavax Inc. shares deepened on Tuesday, to erase $17 billion in market value from last year’s record high, after the Covid-19 vaccine maker slashed its revenue guidance.

Novavax fell 30% on Tuesday, the most since February 2019, after slashing its guidance and missing second-quarter estimates. The stock has fallen roughly 87% from its February 2021 high amid regulatory delays and questions on demand for a vaccine that trailed competitors in reaching the market.