Biotechnology company Novavax (NASDAQ:NVAX) delivered mixed results for the third quarter of 2022 and revised its full-year revenue guidance to reflect the lower demand for COVID-19 vaccines. The company’s net loss per share narrowed to $2.15 from $4.31 in the prior-year quarter, but significantly missed analysts’ expectations of earnings per share of $1.57. Novavax shares rose over 2% initially in Wednesday’s extended trading session but pared some gains later. NVAX stock has plunged over 86% year-to-date. Meanwhile, the company’s Q3 revenue jumped 311% to $735 million, mainly due to the sale of 35 million doses of its NVX-CoV2373 COVID-19 vaccine. Q3 revenue handily surpassed analysts’ estimate of $586 million.
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