Novavax shares falling down in premarket today

Novavax, Inc. (NASDAQ: NVAX) shares fell substantially in premarket trading Thursday, extending their decline from Wednesday.

As of 07:22 a.m. EST, the shares traded at $98.80, down $13.77 or 12.41%. The shares of vaccines plummeted 13% on Wednesday, closing at $112.38. However, the average trading volume of shares during the last 24 hours climbed by 24% to 7,592,686. It has an $8.4 billion market value and on Tuesday received approval from South Korea for its COVID-19 vaccine.

The first protein-based COVID-19 vaccine to be approved for commercial use in South Korea is NVX-CoV2373, manufactured in the country by SK Bioscience. The vaccine has also received conditional marketing approval in the EU and is listed as an emergency use vaccine by the World Health Organization. The company intends to submit a request for emergency usage.

In Tuesday’s premarket, NVX shares rose 1.5 percent on the news, putting them at a year-to-date gain of 12 percent, while the S&P 500 SPX, +0.92, is up 24%.

According to its most recent filing with the Securities and Exchange Commission, TD Asset Management Inc. increased its position in Novavax, Inc. by 23.4% in the third quarter (SEC).

After acquiring 6,930 more shares during the quarter, the institutional investor now owns 36,490 shares of the biopharmaceutical company. At the end of the most recent reporting period, TD Asset Management Inc.’s holdings in Novavax were worth $7,565,000.

Other institutional investors and hedge funds have also shifted their stakes in the company.

During the third quarter, Mackenzie Financial Corp increased its shares in Novavax by 5.4%. Cambridge Investment Research Advisors Inc. boosted its stake in Novavax by 7.8% after purchasing an additional 613 shares.

In the third quarter, Resources Investment Advisors LLC purchased a new investment in Novavax worth $310,000.

And in the second quarter, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Novavax valued at $2,782,000.

Finally, in the second quarter, Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new position in Novavax valued at $5,074,000. Institutional investors and hedge funds currently hold 48.62% of the stock.

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