Could Novavax's Next Step Make It a Multibagger?
Novavax (NASDAQ: NVAX) grabbed investors' attention in the early days of the coronavirus vaccine race. The biotech scored $1.6 billion in funding from the U.S. government. And the company was among the first to launch clinical trials. As a result, the shares soared a mind-boggling 2,700% in 2020. Since, the stock has gone from losing momentum to actually suffering. The shares are down more than 60% this year.
The reason? Novavax disappointed investors when its regulatory submissions fell behind. Since, it's done a good job of catching up. More than 35 countries have authorized the vaccine so far. Now, all eyes are on Novavax's next step: winning authorization in the U.S. Could this nudge the stock out of its slump -- and even turn it into a multibagger?
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Source Fool.com
