Novavax Shares Down 40% From Early August Peak: What's Behind The Weakness?
positive interim Phase 1 data for its coronavirus vaccine candidate NVX-CoV2373.” data-reactid=”19″>Novavax, Inc. (NASDAQ: NVAX) stock has fallen significantly from its Aug. 5 peak of $189.40, which was reached on the back of positive interim Phase 1 data for its coronavirus vaccine candidate NVX-CoV2373.
mixed results for the second quarter, further selling followed.” data-reactid=”21″>When the company reported mixed results for the second quarter, further selling followed.
Reacting to the quarterly results, the stock fell over 16% Aug. 11. Novavax did recover partially from the post-earnings low of $112.51 hit Aug. 12, rising to an intraday high of $155.75 Aug.17, only to begin another short-term downtrend.
commenced the Phase 2 portion of its ongoing Phase 1/2 trial in Australia and the U.S. on Monday. The company expects to issue an interim readout from the trial in the fourth quarter. Novavax has another Phase 2b trial running in South Africa.” data-reactid=”28″>Novavax commenced the Phase 2 portion of its ongoing Phase 1/2 trial in Australia and the U.S. on Monday. The company expects to issue an interim readout from the trial in the fourth quarter. Novavax has another Phase 2b trial running in South Africa.
reported that the AstraZeneca plc (NYSE: AZN)-Oxford University combine’s coronavirus vaccine candidate could obtain emergency use authorization as early as October.” data-reactid=”29″>On Sunday, it was reported that the AstraZeneca plc (NYSE: AZN)-Oxford University combine’s coronavirus vaccine candidate could obtain emergency use authorization as early as October.
Gregory Glenn, Novavax’s R&D president, sold a cumulative of 57,449 shares, raising about $8 million.
John Herrmann III, the company’s chief legal officer, sold 46,242 shares for $6.67 million. CFO John Trizzino sold 42,788 shares for a total of $6.37 million.
Gray Evans, one of the directors, disposed of 10,500 shares at $150.44, netting an estimated $158 million, and Michael McManus sold 8,000 shares at $146 to pocket $1.17 million.
Insider selling often raises a red flag, as investors see the act as signaling a lack of confidence among management in the future of the company. That said, it need not necessarily relay pessimism, as the disposal could be in line with the phased sales that insiders are permitted.
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