Novavax shares plunge after COVID-19 vaccine maker raises doubts over its future
Posted: Wed Mar 01, 2023 11:32 pm
Novavax shares plunge after COVID-19 vaccine maker raises doubts over its future
https://globalnews.ca/news/9519872/nova ... -covid-19/
Novavax Inc.’s shares plunged to a three-year low on Wednesday, a day after the COVID-19 vaccine maker raised doubts about its ability to remain in business.
The American company had previously signed a deal with the federal government to produce COVID-19 vaccines in Montreal, and saw its stock fall as much as 28.3 per cent to US$6.64 as of 1:30 p.m. ET, while its Frankfurt-listed shares slumped nearly 30 per cent.
The company — which has its COVID-19 vaccine as the only marketed product after 35 years in business — on Tuesday flagged significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance Gavi.
https://globalnews.ca/news/9519872/nova ... -covid-19/
Novavax Inc.’s shares plunged to a three-year low on Wednesday, a day after the COVID-19 vaccine maker raised doubts about its ability to remain in business.
The American company had previously signed a deal with the federal government to produce COVID-19 vaccines in Montreal, and saw its stock fall as much as 28.3 per cent to US$6.64 as of 1:30 p.m. ET, while its Frankfurt-listed shares slumped nearly 30 per cent.
The company — which has its COVID-19 vaccine as the only marketed product after 35 years in business — on Tuesday flagged significant uncertainty around its 2023 revenue, funding from the U.S. government, and pending arbitration with global vaccine alliance Gavi.