Here's How Novavax Stock Could Rally Through 2023
With Novavax (NASDAQ: NVAX) shares down by more than 70% in the past 12 months, investors are probably feeling a bit devastated right now. The shares even crashed on July 13, when its vaccine candidate for COVID-19 got an Emergency Use Authorization (EUA) from the Food and Drug Administration (FDA). It almost feels like the stock is immune to any good news, though the ongoing bear market is doubtlessly making matters more difficult.
Regardless, there is a cocktail of forces brewing that could drive the biotech to better returns for its shareholders throughout the rest of this year -- and perhaps even through 2023. It's still a long shot for it to beat the market, but let's explore two reasons why there's a chance at all.
Unlike coronavirus vaccine competitors Pfizer and Moderna, Novavax's Nuvaxovid jab isn't yet approved for use as a booster shot in the U.S. That means it's missing out on government purchasing orders intended to secure booster doses for the public -- but that probably won't be won't be the case for long.
Source Fool.com
