Shares of Novavax (NASDAQ:NVAX) were on track to snap six straight days of losses, as the stock rose 2.5% to $6.15 in Wednesday afternoon trade. 

The biotech company lost more than 20% in the last six trading sessions. The stock has lost more than 25% so far this year, compared to an over 4% decline in the broader S&P 500 Index.

NVAX is down 20% over the past one month. The stock closed 6.40% lower, at $6 on Tuesday. 

According to a Wall Street Journal report from earlier in the day, the U.S. FDA has missed a key deadline to decide whether to grant full approval to Novavax's COVID-19 vaccine.

The agency was apparently poised to give the green light, but regulators now want additional data, delaying approval. 

The newspaper noted that the agency had already notified HHS leadership that it was granting full approval, adding that a draft communication to make public the decision was sent to HHS for review last week but has yet to be approved.

The average sell-side analyst rating on the stock is BUY, while Seeking Alpha authors and the Quant rating system have graded the stock a HOLD. 

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