Novavax Rout Deepens to 87% From Peak After Covid-Shot Setbacks

The selloff in Novavax Inc. shares deepened on Tuesday, to erase $17 billion in market value from last year’s record high, after the Covid-19 vaccine maker slashed its revenue guidance. Novavax fell 30% on Tuesday, the most since February 2019, after slashing its guidance and missing second-quarter estimates. The stock has fallen roughly 87% from its February 2021 high amid regulatory delays and questions on demand for a vaccine that trailed competitors in reaching the market.