Why shares of Novavax are getting crushed
CBSN
Shares of American biotech company and COVID-19 vaccine maker Novavax slid dramatically as the company slashed its sales forecast due to a slump in demand for it shots.
The company's stock dived 31% Tuesday after it cut its 2022 sales outlook in half.
Novavax's protein-based vaccine was a latecomer to the market: it was only authorized by the Food and Drug Administration for use by adults in the U.S. last month, after a majority of U.S. adults had been vaccinated with Pfizer, Moderna or Johnson & Johnson shots. Only 7,381 Novavax vaccine doses have been administered in the U.S., government data shows.
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