NVAX Stock Price: Novavax continues to rise after rival coronavirus vaccine is halted

NASDAQ:NVAX gains 2.22% on Thursday despite broader market dip.
News of AstraZeneca halting its COVID-19 vaccine study has boosted other rivals in the industry.
Novavax has dropped nearly half of its market cap during the last month, enticing bargain investors.

Stocks Reporter FXStreet

NASDAQ:NVAX has gained where its rivals have faltered as the race for the coronavirus vaccine took a turn for the worse when AstraZeneca (NYSE:AZN) announced it was halting its final phase clinical study due to adverse effects reported in patients. Shares of Novavax jumped over 15% during the next few days as investors rushed to secure their stakes in AstraZeneca’s chief rivals. The small boost was nice for Novavax investors but the biotech stock is still down nearly 45% over the past 30 days and is down over 50% from its 52-week highs of $189.40 – although shares are still up an astounding 1500% over the last year.

Industry rivals like Moderna (NASDAQ:MRNA), Pfizer (NYSE:PFE), and BioNtech (NASDAQ:BNTX) all benefited from AstraZeneca’s falter, although each stock has been up and down until the end of the week. Some analysts are speaking about if a Biden Administration would hand out the same loans to these biotech companies for a coronavirus vaccine but with AstraZeneca’s failure, the desperation for a vaccine has heightened.

NVAX Stock News

Investors should act fast if they believe NVAX has a chance at taking over the lead in Operation Warp Speed. Shares have settled and Novavax also has a flu vaccine called NanoFlu that is coming down the pipe that could translate to another revenue stream moving forward. NanoFlu is getting ready to be submitted for final FDA approval which could mean that Novavax and its investors may not have to rely on a successful coronavirus vaccine for the stock to return to its previous levels.

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Stocks Reporter

FXStreet

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