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Why Novavax Stock Is Skyrocketing Today

TheMotleyFool

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Shares of the clinical-stage vaccine developer Novavax, Inc. (NASDAQ: NVAX) spiked by as much as 28% in pre-market trading Tuesday morning. The biotech's stock is responding to the news that the Coalition for Epidemic Preparedness (CEPI) awarded the company a $4 million grant to support the development of a COVID-19 vaccine.

Novavax is presently evaluating several COVID-19 vaccine candidates in pre-clinical studies, with the goal of advancing the most promising of the bunch into human trials by spring of this year. At the opening bell this morning, Novavax's shares were up by 17% in the wake of his news.

Image source: Getty Images.

Source Fool.com

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