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Maryland Based Novavax Shares Crashes 

Maryland Based Novavax Inc. shares dropped in the extended session on Thursday after the biotech’s wider-than-expected loss on the quarter overshadowed positive results for its COVID-19 vaccine booster.Novavax shares fell 10% after hours, following a 5.5% gain in the regular session to close at $236.20.

The company reported a second-quarter loss of $352.3 million, or $4.75 a share, compared with a loss of $17.5 million, or 30 cents a share, in the year-ago period. Revenue rose to $298 million from $35.5 million in the year-ago quarter because of services performed for the U.S. government and under Coalition for Epidemic Preparedness Innovations agreements.

Analysts surveyed by FactSet, however, had forecast a loss of $3.63 a share on revenue of $387.9 million.The company announced its COVID-19 vaccine booster given six months after an initial two-dose regimen increased virus-fighting antibodies by four times and by six times for those that fought the delta variant, according to results from a recent study.

Maryland Based Novavax Inc said it filed with regulators in India, Indonesia, and the Philippines to have an emergency use approval for its NVX-CoV2373 vaccine. Stanley Erck, Novavax president, and chief executive said that they view these submissions as the first of many filings to come, which will allow NVX-CoV2373 to be made available on a global scale. They continue to see the circulation of new variants and inequitable access to vaccines globally, demanding that we bring our COVID-19 vaccine to market as swiftly as possible. Maryland Based Novavax inc secured up to 200 million doses, with the first batch of the two-shot vaccines ready for shipment ahead of the winter.

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