Is Novavax Stock a Buy?

With just a couple of months left in the year, all eyes are on companies working to develop a vaccine for COVID-19. A reliable preventive method against the disease would go a long way to help us get back to some semblance of normalcy. One of the companies in the COVID-19 vaccine race is Novavax (NASDAQ: NVAX), a biotech whose shares are up by over 2,000% year to date, largely thanks to its coronavirus-related efforts.

Even in the context of the market-shattering returns it has delivered so far this year and the fact that Novavax hasn't yet brought a vaccine product to market, there still remains a bullish case for the biotech. Let's look closer at the arguments for and against, and decide whether adding shares of Novavax to your portfolio today would be a smart move.