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

The Wall Street Journal reported that the FDA failed to meet its scheduled timeline for making a decision on Covid-19 vaccines. This missed deadline has created uncertainty in the market, particularly affecting companies like Novavax that are heavily invested in developing and distributing Covid-19 vaccines.

The sharp decline in Novavax's stock price reflects investor worries about possible setbacks in the company's vaccine approval process and potential impacts on its distribution plans. As the pandemic continues to evolve, any delays in regulatory decisions can significantly influence market sentiment towards vaccine manufacturers. Investors will likely be closely monitoring further updates from both the FDA and Novavax for clarity on the situation.