Novavax Falls on Report Covid Shot Unlikely to Be Approved Soon

Novavax shares turned negative and fell as much as 5.1% after the Wall Street Journal said US regulators missed the deadline for granting full approval to the company’s Covid-19 vaccine. The stock has since pared its decline to 0.5%.

• The FDA sees NVAX application as needing more data and is unlikely to be approved soon, WSJ reports, citing people familiar with the matter
• The vaccine maker had said it expected a decision in April for the shot, which has been allowed under emergency use
• Shares of rival Covid-19 vaccine maker Moderna pulled back from a session high, still up 3.1%

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