Benzinga | Nov 4, 2021 11:40AM EDT

Why Novavax Shares Are Falling

Novavax, Inc. (NASDAQ:NVAX) shares are trading lower in sympathy with COVID-19 vaccine peer Moderna, which dipped after cutting its FY21 outlook.

Moderna reported quarterly earnings of $7.70 per share which missed the analyst consensus estimate of $9.09 by 15%. Moderna also reported quarterly sales of $5.00 billion which missed the analyst consensus estimate of $6.23 billion by 20%.

Novavax shares were otherwise trading higher Tuesday. The company and Serum Institute of India recently received Emergency Use authorization for a COVID-19 vaccine in Indonesia, with Novavax saying it expects other countries to make a decision within weeks.

Novavax has a 52-week high of $331.68 and a 52-week low of $76.59.