- NASDAQ: NVAX is set to extend its gains on Friday after closing higher on Thursday.
- Novavax focuses on developing a vaccine for COVID-19 and is benefiting from Gilead's success.
- Surging European coronavirus cases are also raising the stakes for NVAX's shares.
Everybody – including President Donald Trump – wishes covid would just disappear and let everybody live their lives. Yet the opposite is happening. Novavax (NASDAQ: NVAX) is developing a vaccine for the disease that is gripping the world and may benefit from authorities' willingness to approve solutions.
The US Food and Drugs Administration (FDA) has approved a Gilead's treatment called remdesivir used by Trump among many others. Stocks of the pharmaceutical firm surged, carrying higher other firms involved in immunization or a cure to covid.
The Gaithersburg, the Maryland-based company, has received funds from the White House's Operation Warp Speed (OWS) program toward a vaccine. While several competitors are already engaged in Phase 3 trials, these will not necessarily be successful. Moreover, more than one solution may be needed.
Interest in coronavirus cures is also growing due to a severe winter wave raging in Europe. Infections are leaping across the old continent and have already resulted in lockdowns and curfews. Covid cases are also on the rise in the US, potentially culminating in a third peak. Colder states such as Wisconsin and Minnesota see the worst surges, but hospitalizations are also on the rise in southern states.
NVAX Stock Forecast
Novavax Inc's shares have closed at $93.59 on Thursday, up some 2.67%. Friday's pre-market trading is showing potential for additional gains, of around 1%. The round $100 mark is the next level to watch.
That is still only half of the firm's 52-week peak of $189.40, but an improvement after several down days. NVAX's shares have come a long way from the 52-week low of $3.54.
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