NVax shares jumped as much as 2.5% to $19.87 per share, but as of 1pm AEDT were down more than 8%.
The stock has been under pressure in recent days after it reported quarterly results on Monday that showed sales dropped 6% to 4.9 million.
The company’s stock is down more from the $20.50 price target that analysts had been projecting and the company is currently down more to $14.25.
NVax stock has struggled to keep up with demand for its medical device business and is trading at a loss, with the company having reported a loss of $2.9 billion last year.
There are now more than 1.5 million NVax devices in use around the world, with more than half of the devices being implanted in people over the age of 65.
The company has been in the news recently due to the death of one of its founders, Dr David Vincents, who died at the age 58.
Vincents had been in a coma since May last year, when he was found unconscious at his home in Brisbane, while his wife and daughter were attending a wedding in New South Wales.
The Queensland coroner’s report on his death said he had a blood clot in his brain that was caused by a rare blood disorder.