Novavax (NVAX) stock crumbled Monday after the Food and Drug Administration signed off on updated Covid boosters from rivals Pfizer (PFE) and Moderna (MRNA).
The news comes as Novavax plans to present its vaccine data before a panel of advisors to the Centers for Disease Control and Prevention on Tuesday. This gives Pfizer and Moderna a slight lead with their messenger RNA shots compared with the protein-based technology used by Novavax.
"Novavax is currently responding to the FDA's requests to facilitate final review, and timing is ultimately at the discretion of the FDA," the company said in a news release. Novavax is aiming to vaccinate people age 12 and older in the U.S.
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