Novavax Shares Plummet 20% Following FDA Hold on Covid-Flu Vaccine Application

Novavax announced Wednesday that the Food and Drug Administration (FDA) has placed a clinical hold on its application for a combination of Covid-19 and influenza vaccines, as well as its stand-alone flu vaccine. The hold comes after a report of nerve damage in a participant from a phase two trial completed last year. The biotech company is working with the FDA to resolve and resume the trials. The company’s stock plummeted nearly 20% following the news.