Why Dynavax, Novavax, and Sorrento Soared This Week
Several stocks of companies hoping to make a big splash in the COVID-19 vaccine market soared this week. Shares of Novavax (NASDAQ: NVAX) were up 29.6% as of the market close on Thursday. Dynavax Technologies (NASDAQ: DVAX) stock jumped 19%. Sorrento Therapeutics (NASDAQ: SRNE) shares rose 9.8%.
Novavax rebounded from a sell-off last week after the company announced it was delaying the U.S. Emergency Use Authorization filing for COVID-19 vaccine candidate NVX-CoV2373 until the fourth quarter of 2021. On Wednesday, Denmark stated that it planned to buy 280,000 doses of NVX-CoV2373 for nearly $21 per dose.
Dynavax continued to enjoy momentum from its strong Q2 earnings report last week. Analysts also remain bullish about the stock with a consensus price target reflecting a premium of more than 45% above the current share price.
Source Fool.com
