Ouch!....been there too. I think most people have at some point. Pharma's have burned just about everyone at some time or another. Same thing happened to me with SRPT last spring. The FDA Advisory Panel came out with a negative recommendation on their application for accelerated approval, citing lack of proof of effacy. Stock tanked and it seemed like a death sentence for the company as they would need more/other drugs in their pipeline and at least another stock raise to replace the cash they were burning through. My losses were so severe it really made no difference if I sold or held...so I held. A little while back, against the committee's recommendation, the FDA approved the drug for accelerated approval and the stock price skyrocketed. So perhaps some miracle can befall NVAX too.
FYI, I am also bagholding 3000 shares of NVAX with a $4.30 cost basis. Just sold the Dec $2 calls against them for $.10...anything to keep lowering the cb and, what the heck, if it "rallies" and gets called away at $2 in December, I'll have a tax write off and I'll sell the Jan17 Puts to get back in.