Novavax Third Quarter 2008 Earnings (NVAX)

Novavax, (NVAX - NASDAQ) reported it's earnings last week.
NVAX was one of the stock being tracked on this blog.
The bear market continued to slash the value of the whole sector and the growing losses of Novavax are just one example.

Novavax, Inc. NVAX today announced financial results for the third quarter ended September 30, 2008. Novavax reported a net loss of $7.8 million ($0.12 loss per share) for the third quarter of 2008 compared to a net loss of $9.0 million ($0.15 loss per share) for the third quarter of 2007. The net cash burn for the third quarter 2008 was $8.3 million, before consideration for the equity financing completed during the third quarter which realized net cash proceeds of $17.6 million.

The bearish chart looks like this:
(Weekly chart, last two years)

Novavax 3Q loss widens

The flu vaccine program is one of the main attractions in nanovax for speculative investors, but it might be one of the reasons why fundamental investors are keeping away right now.

The stock is naturally heading lower now, and the correction should continue for at least a couple of days. Even after the bad news, the stock is still up from last week.

NOV. 14 9:08 A.M. ET Biopharmaceutical company Novavax Inc. said Tuesday its third-quarter loss widened on higher costs for developing its flu vaccine program.

The company lost $5 million, or 8 cents per share, compared with a loss of $2.7 million, or 6 cents per share, a year ago. Analysts polled by Thomson Financial expected a loss of 11 cents per share.

Revenue dipped to $1.2 million from $1.9 million a year ago, while analysts expected revenue of $700,000.

Article at BusinessWeek.com