Why Novavax Shares Are Soaring Today
Shares of Novavax (NASDAQ: NVAX) were soaring 15.1% higher as of 11:47 a.m. EST on Monday. The clinical-stage biotech hasn't announced any new developments. Rather buying pressure appeared to be driving shares higher as a result of investors viewing continued worries about the coronavirus outbreak as a positive for Novavax, which is developing a potential vaccine for the virus.
It's also important to note that there's a significant short interest in Novavax. Any upward movement for the stock increases the heat for short-sellers who are betting that shares will fall. It's quite possible that some short-sellers are covering their positions in Novavax, creating even more momentum for the stock.
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Source Fool.com
