Novavax Falls 12%, Extending Pullback for Second Session After 440% Rally Ends
$Novavax (NVAX.US)$ sank more than 10% Monday as the vaccine-maker fell for a third straight session following a month-long run-up that boosted the stock more than 400%.
NVAX closed Monday at $16, down 11.9% for the day and 32.9% from the $23.86 19-month intraday high that it hit last Thursday.
Prior to the recent sell-off, Novavax had gained 438.6% between its $4.43 intraday low on May 9 and its $23.86 intraday peak on Thursday.
Even with the recent retrenchment, the stock remains 261.72% above its May 9 low.
Novavax has been rallying on several pieces of good news, beginning with word on May 10 that $Sanofi (SNY.US)$ would license Novavax's COVID vaccine for up to $1.2 billion upfront and take a minority stake in the firm.
Last week, the U.S. Food and Drug Administration also set a deadline to formally review Novavax's COVID vaccine for permanent approval. The vaccine had previously been approved only under an emergency use authorization during the pandemic.
Lastly, an FDA panel announced plans last week to focus an autumn COVID-19 booster-shot campaign on the disease's JN.1 variant, which NVAX's COVID vaccine aims to prevent.
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