Novavax rethinks strategy after decline in sales
Novavax $NVAX (+0,94 %) reported a drastic decline in sales of 88 million dollars in the fourth quarter, compared to 291 million dollars in the previous year. For the full year 2024, sales amounted to 682 million dollars, compared to 984 million dollars in the previous year. These declines are mainly due to falling sales of the COVID-19 vaccine. The company plans to move away from pure vaccine development and instead enter into collaborations with larger pharmaceutical companies and license its technology. Despite the missed revenue projections, where Wall Street expected $684 million, Novavax beat loss projections with a fourth-quarter loss of $0.51 per share. CEO John Jacobs reported that the company continues to receive support from the government for the development of a pandemic flu vaccine. However, the uncertainties created by the political situation and the FDA have severely impacted the company's market opportunities.
Record outflow of 1 billion dollars for Bitcoin ETFs
On Tuesday, investors withdrew over $1 billion from spot Bitcoin ETFs, marking the largest withdrawal since their launch last January. The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the heaviest outflows, followed by the iShares Bitcoin Trust ETF (IBIT). This coincides with a fall in the price of Bitcoin as investors shun riskier assets. In the last six days, Bitcoin funds have lost a total of around 2.1 billion dollars, the longest sequence of outflows since June. Experts point out that current market conditions show that digital assets are heavily influenced by retail investors, meaning that the average investor has less capital to ride out losses. Matthew Sigel of VanEck explained that the record outflows are likely due to hedge funds that have discontinued a popular trading strategy, the basis trade. This could further exacerbate outflows as hedge funds close their positions in ETFs, causing significant redemptions.
Source: https://finance.yahoo.com/news/bitcoin-etfs-hit-record-1-181318701.html