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Why Novavax Stock Is Soaring Today

TheMotleyFool

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Why Novavax Stock Is Soaring TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

Shares of Novavax (NASDAQ: NVAX) were up 18.1% as of 10:32 a.m. EST on Wednesday after rising as much as 41% earlier in the day. The big jump came after the biotech announced plans to begin clinical testing by late spring for an experimental vaccine to protect individuals against COVID-19, the disease caused by the novel coronavirus that's causing major health concerns across the world.

Investors are understandably encouraged by Novavax's news. The biotech has solid experience with developing vaccines, including some that target other coronavirus-related illnesses such as MERS and SARS. This background enabled Novavax to move quickly to get its COVID-19 program up and running.

Image source: Getty Images.

Source Fool.com

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