XBI - Novavax: Buying Here Will Not End Well

• Novavax reported an underwhelming Q1 earnings card. Despite reiterating its FY22 guidance, the consensus estimates have been downgraded.
• The market is losing confidence in management's ability to deliver. Therefore, if Novavax continues to miss the estimates, we believe it could lead to a downgrade of its guidance.
• Our price action analysis shows that there could be even more pain if buyers add on the weakness now. So instead, holders should use any rally to get out.
• We reiterate our Sell rating on NVAX stock. We urge holders to sell before it's too late.

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