Novavax ($NVAX) craters 33% due to horrific guidance

Novavax previously forecast $4-5B in revenue, now expects to generates $2-$2.3B due to people overwhelmingly getting vaccinated with Pfizer and Moderna shots.

Novavax received U.S. authorization for its Covid shots for adults earlier this summer, but 77% of people in that age group are already fully vaccinated with Pfizer, Moderna and to a lesser degree Johnson & Johnson’s shots. The U.S. has so far ordered only 3.2 million doses of the Novavax vaccine.

Novavax stock dropped 33% in extended trading. The company posted a loss of $6.53 per share and booked revenue of $186 million for the second quarter, well below expectations.

Source: https://www.cnbc.com/2022/08/08/novavax-cuts-2022-revenue-guidance-in-half-stock-tanks-in-after-hours-trading.html