Why Novavax Stock Jumped on Tuesday
Biotechnology company Novavax, Inc. (NASDAQ: NVAX) surged higher on Tuesday on what was an all-around bad day for the markets. The share price was up 5.8% from the previous day's close at around 12:35 p.m. ET and was up about 1.9% to $56.55 at the closing bell.
Meanwhile, all of the major indexes were down on Tuesday, with the Nasdaq falling 220 points, or 1.9%, the S&P 500 dropping 46 points, or 1.2%, and the Dow Jones down 229 points -- mostly on weak earnings reports from some major retailers.
Two weeks ago, Novavax's COVID-19 vaccination, Nuvaxovid, got approved by the U.S. Food and Drug Administration (FDA) for emergency use authorization. Then last week the two-dose vaccine was unanimously recommended by the U.S. Centers for Disease Control's Advisory Committee for adults 18 years old and over.
Source Fool.com
