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NVAX Tumbles by 20% After FDA Clinical Hold

Written By: ChartChamp

October 16, 2024

NVAX has declined 20% today after the company said the Food and Drug Administration has placed a clinical hold on its COVID-19-and-flu combination and stand-alone flu vaccine candidates, following a case of motor neuropathy in a participant in a mid-stage trial. NVAX is currently trading in a white zone that was previously acting as resistance and is now providing support. The news is obviously very bad so I think NVAX is at risk of dropping some more. I have $8.92 as a key support level to monitor to see if NVAX manages to hold above the white zone. If NVAX drops below $8.92 there could be a steeper decline. Either way I think this is an opportunity to buy the dip, but I would wait to see where NVAX bottoms out. For now all eyes on the white support zone between $8.92 and $10.93 to see if that support zone holds.

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NVAX Tumbles by 20% After FDA Clinical Hold

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