NEW YORK (TheStreet) -- Novavax (NVAX) stock is declining 6.16% to $4.42 in late morning trading Monday after the clinical-stage vaccine company delivered lower-than-expected financial results for the 2015 fourth quarter.
Before today's market open, the Gaithersburg, MD-based company posted a loss of 29 cents per share for the last three months of the year, significantly below estimates of a loss of 14 cents per share.
Revenue declined 13% year-over-year to $5.85 million, while analysts were expecting revenue to increase 20% to $8.07 million for the quarter.
Research and development expenses jumped 128% to $75.9 million during the quarter, driven by costs related to the start of Phase 3 trials for the respiratory syncytial virus vaccine.
Novavax expects to release data from the study in the third quarter of 2016.
Separately, Novavax has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and disappointing stock performance.
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