Why Novavax Stock Sank Today
Shares of Novavax (NASDAQ: NVAX) were sinking 12.5% lower as of 3:32 p.m. EST on Monday. The biotech announced that it has completed enrollment of a late-stage study of COVID-19 vaccine NVX-CoV2373 in the U.S. and Mexico. That's good news, so why did the stock fall? There are two likely reasons.
First, the overall stock market declined on Monday. High-flying stocks like Novavax tend to drop more than the overall market does on a down day. Second, some investors could be concerned that a potential U.S. Emergency Use Authorization (EUA) later this week for Johnson & Johnson's (NYSE: JNJ) COVID-19 vaccine could limit Novavax's opportunities.
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Source Fool.com
