Novavax, Inc. (NVAX)

Shares of Novavax, Inc. (NVAX) dropped by 7.00% from $6.71 to $6.24 in the trading on Friday, Novemeber 10, 2023. The reason why NVAX down is due to a downward revision in its financial outlook following the release of its third-quarter 2023 earnings report.

• Total revenue forecast: Novavax lowered its total revenue forecast for 2023 to a range of $0.9-$1.1 billion, down from the previous guidance of $1.3-$1.5 billion. This adjustment included a reduction in product sales expectations to $850 million.
• Grant revenue: The company raised its expectations for grant revenues to approximately $450 million, up from the previous guidance range of $340-$360 million.
• Expense Reduction: Novavax reduced its guidance for combined research and development (R&D) and selling, general, and administrative (SG&A) expenses for 2023 to a range of $1.15-$1.25 billion. This reflected a $150 million reduction from the prior range of $1.3-$1.4 billion.
• First Quarter 2024: For the first quarter of 2024, Novavax anticipated total revenues of approximately $300 million, with all revenue coming from product sales. This adjustment was attributed to the extended 2023-2024 vaccination season in the United States.
• Cost-Reduction Program: Novavax announced plans to implement a cost-reduction program aimed at lowering 2024 expenses by more than $300 million, aligning with opportunities in the COVID market. The company's goal was to reduce combined R&D and SG&A expenses for the full year 2024 by over $200 million, targeting spending of $750 million or less for the year. This represented a reduction of more than 50% compared to 2022 figures. Novavax also intended to streamline its manufacturing operations to reduce supply network costs by over $100 million. The downward revision in Novavax's financial outlook for 2023, combined with the ongoing challenges the company faced, likely contributed to the decline in NVAX's stock price on that particular day.

Shares of Novax, Inc. (NVAX) dropped by 5.96% from $7.03 to *$6.63 in the trading on Monday, October 16, 2023. The reason why NVAX stock down include:

• Pfizer's sales outlook cut: Pfizer Inc. revised its full-year sales outlook, cutting $9 billion from its projections. Pfizer's decision to focus on its Paxlovid COVID treatment and other factors led to this adjustment. Pfizer's stock also experienced a decline of 2.8% before the market opened on Monday, following a significant drop in after-hours trading on Friday. The impact extended to other pharmaceutical companies, including Novax Inc. shares falling in response to Pfizer's announcement.
• Setback for Novavax Inc.: Novavax Inc. faced a setback as the European Medicines Agency (EMA) delayed its decision on the company's variant-tailored COVID-19 vaccine. The EMA raised questions about the vaccine's potency and ensuring consistency in production across different sites. The EMA is expected to provide its approval within the next four weeks.

After announcing a $2 billion increase in deposits and a rise in the percentage of deposits insured by the FDIC to 73%, the stock of Western Alliance (WAL) surged by over 17% in after-hours trading. The announcement was made alongside the Phoenix-based regional bank's first-quarter earnings report, which provided insights into the recent banking crisis and potential results for other regional lenders.