Novavax (NVAX) shares plunged 9.78% in pre-market trading on Thursday, following news that the U.S. Food and Drug Administration (FDA) has missed a critical deadline regarding the company's COVID-19 vaccine. This sharp decline reflects growing investor concerns about potential delays in the vaccine's approval process.

The FDA's failure to make a key decision within the expected timeframe has sent shockwaves through the market. Adding to the uncertainty, this missed deadline comes just days after the unexpected removal of the FDA's vaccine chief from their position. These developments have raised significant doubts about the timeline for Novavax's vaccine approval, a crucial factor for the company's future prospects.

The situation underscores the challenges faced by pharmaceutical companies in the highly regulated and time-sensitive field of vaccine development. For Novavax, which has been working diligently to bring its COVID-19 vaccine to market, this delay could have substantial implications. Investors appear to be reacting strongly to the increased uncertainty, as reflected in the significant pre-market decline of the company's stock price. As the market opens, all eyes will be on Novavax to see how this news continues to impact its stock performance and what it might mean for the company's future in the competitive COVID-19 vaccine landscape.