By Dhirendra Tripathi
Investing.com – Novavax (NASDAQ:NVAX) stock plunged 20% Friday as the company put off seeking emergency use authorization for its two-dose Covid vaccine from the U.S. Food and Drug Administration to fourth quarter.
The company has already delayed requesting the FDA for EUA for several months now, losing out on billions of dollars of a market that has benefited rivals such as Moderna (NASDAQ:MRNA) and Pfizer Inc (NYSE:PFE)-BioNTech SE (NASDAQ:BNTX).
The company has filed for regulatory approval for its Covid vaccine in India, Indonesia and the Philippines. It plans to submit the vaccine for emergency use listing at the World Health Organization this month.
WHO’s approval will allow global distribution of the vaccine through initiatives at the global agency.
Novavax said data from clinical trials indicate that a booster dose of its vaccine candidate provides a four-fold increase in neutralizing antibody levels after a two-dose regimen.
The company said it is on track to produce 100 million doses per month by the end of the third quarter and 150 million per month by the end of the fourth.