Shares of Novavax (NVAX) plunged 5.08% during intraday trading on Wednesday, following reports that the U.S. Food and Drug Administration (FDA) has missed a deadline for a Covid-19 vaccine decision. This development has sparked concerns among investors about potential delays in the approval process for Novavax's Covid-19 vaccine candidate.

The Wall Street Journal reported that the FDA failed to meet its scheduled deadline for making a decision on a Covid-19 vaccine, though specific details about which vaccine or manufacturer was affected were not immediately clear. However, given Novavax's involvement in Covid-19 vaccine development, the market appears to be reacting to the possibility that this delay could impact the company's product pipeline.

Novavax, a biotechnology company focused on developing and commercializing vaccines, has been a key player in the global effort to combat the Covid-19 pandemic. The missed FDA deadline introduces uncertainty into the regulatory process, potentially affecting Novavax's timeline for bringing its vaccine to market. As the pandemic continues to evolve, any setbacks or delays in vaccine approvals can have significant implications for both public health efforts and the financial prospects of vaccine developers like Novavax.