Why Novavax Shares Are Sinking Today

Shares of Novavax (NASDAQ: NVAX) are sinking today, down 18.7% as of 11:47 a.m. EST. The drop came after the initial excitement faded about the biotech's prospects in the wake of the spread of a deadly coronavirus that has infected hundreds of people in China and at least one person in the U.S.

Novavax stock skyrocketed yesterday as news outlets across the world reported on the coronavirus that's causing concerns about a potential pandemic. The company focuses on developing vaccines for infectious diseases and has worked on promising vaccines for coronaviruses in the past.

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Source Fool.com