Novavax (NASDAQ:NVAX) fell 12% to $11.23 in afternoon trading, leading a selloff in vaccine stocks, while Moderna (NASDAQ:MRNA) dropped 10% to $212.80 and Pfizer (NYSE:PFE) rose 0.5% to $29.59. Novavax depends on partner Sanofi, which holds U.S. approval for its Nuvaxovid vaccine and is rolling it out in the UK, Germany and Canada; Novavax earns royalties and milestone payments rather than selling the vaccine itself. Citi kept its Sell rating on Novavax while raising its price target just before the drop. The iShares Biotechnology ETF (NASDAQ:IBB) fell 2% and the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) fell 0.6%, suggesting the heaviest pressure is concentrated in vaccine developers. The article notes royalties could grow as Nuvaxovid reaches more countries, but milestone timing depends on Sanofi's schedule.
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