(NASDAQ: NVAX) stock may have made some millionaires back in 2020. It was the height of the coronavirus vaccine race, and investors were betting on this biotech company making it to the finish line. In that year, the stock soared 2,700%, and with a $40,000 investment in the shares, you could have become a millionaire -- if you locked in those gains.

Since then, Novavax stock has tumbled more than 90% from its peak. The company disappointed investors by arriving at the vaccine finish line late and missing out on the biggest revenue opportunities. And because of that, Novavax launched a cost-cutting strategy last year and even expressed concern about its ability to continue operations, considering some uncertainties.

This may sound grim, but there are some bright spots. The embattled company has made progress along the cost-cutting path, and data from its combined COVID/flu vaccine candidate has been strong. That candidate could be a key growth product in a post-pandemic world.

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Source Fool.com