- NASDAQ:VXRT plummets by 25.60% on Monday amidst another rocky day for the NASDAQ.
- Vaxart Inc misses revenue estimates during its earnings call before the markets opened.
- Vaxart is preparing to give a presentation for its oral COVID-19 vaccine candidate on Tuesday.
NASDAQ:VXRT has had an awful start to 2021 and after briefly hitting highs of $24.90, the stock has fallen nearly 70% despite having a potentially groundbreaking vaccine coming down the pipe. On Monday, Vaxart shareholders woke up to a surprise as the quarterly earnings call did not quite go as planned. Shares plummeted by 25.60% during trading hours, to close the day at $8.02, although much of that has been regained during after hours trading. Vaxart is still trading above both its 50-day and 200-day moving averages, and has still comfortably outpaced the S&P 500 index over the past 52-weeks.
The main catalyst for Vaxart’s stock plunge was the disappointing earnings results that the company reported prior to the market open. The losses were far larger than Wall Street estimates as Vaxart had a loss of $0.14 per share compared to a loss of $0.02 in the same quarter last year. Revenue also dropped significantly as Vaxart reported an 83% decline after its Japanese seasonal flu medication fell flat. Vaxart also saw its research and development spending surged by nearly six times the normal amount due to its impending COVID-19 vaccine candidate.
VXRT stock price
Much of the questions surrounding Vaxart’s oral COVID-19 vaccine candidate should be answered tomorrow as the Chief Science Officer for Vaxart will be presenting at the World Vaccine Congress Washington 2021. The presentation is believed to focus on the benefits of an oral vaccine rather than an injection, which is what a majority of the world is delivering. Perhaps investors are buying up Vaxart after hours at the discounted price, in hopes that tomorrow’s presentation reveals a promising new treatment for COVID-19.
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