Early Tuesday, Novavax (NVAX) reported losses of $3.41 per share on $81 million in first-quarter sales. In response, NVAX stock catapulted.
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On average, analysts polled by FactSet expected the Covid vaccine maker to lose $3.46 per share on $87.6 million in sales. Novavax also outlined a global restructuring that includes cutting its workforce by 25%.
In the year-earlier period, Novavax had a gain of $2.56 per share and reported $704 million in sales.
For the year, Novavax predicted $1.4 billion to $1.6 billion in sales. The company says it’s on track to deliver an updated Covid shot by the fall. NVAX stock analysts had called for losses of $6.58 per share and $831.6 million in sales.
In premarket trading on today’s stock market, NVAX stock launched 20% to 8.94.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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