Why Novavax Stock Is Rising Today
Shares of Novavax (NASDAQ: NVAX) were rising 3.4% higher as of noon EDT Monday after jumping as much as 5.7% earlier in the day. The bump appeared to stem from Novavax's announcement on Saturday that it signed a memorandum of understanding (MoU) to "explore the expansion of COVID-19 vaccine activities in South Korea."
This MoU was signed by Novavax, the Ministry of Health and Welfare of Korea (MOHW), and SK Bioscience. Novavax and SK are already working together to target the South Korean market with Novavax's COVID-19 vaccine candidate, NVX-CoV2373. The new MoU focuses on the potential development of COVID-19 variant vaccines and/or a combo flu/COVID-19 vaccine.
Image source: Getty Images.
Source Fool.com
