Why Novavax Was Up 44% in June
Shares of Novavax (NASDAQ: NVAX) jumped 44% last month according to S&P Global Market Intelligence. The move followed a 38% drop in May. The wild ride has been driven by news about the anticipated timing for the company's vaccine, NVX-CoV2373. After several disappointments, the company finally caught a break in June.
Novavax has experienced repeated delays in getting the vaccine to market, first with regulatory filings and later with production. That latest hurdle is due to the U.S. banning the export of some raw materials the company needs to manufacture its drug.
To date, its contract manufacturer hasn't been able to get enough items like bioreactor bags, filters, and enzymes to meet production targets. However, the stock rocketed higher in early June after the ban on sending those items abroad was lifted.
Source Fool.com
