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Why Novavax Stock Is Tumbling Today

TheMotleyFool

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Shares of Novavax (NASDAQ: NVAX) were tumbling 5.5% lower as of 12:17 p.m. EDT on Wednesday after falling as much as 8.8% earlier in the day. The stock soared in after-hours trading on Tuesday on President Biden's public comment that Novavax could soon win emergency use authorization (EUA) for its COVID-19 vaccine. So why are shares sinking today?

It's probably simply that some investors are taking profits off the table. The biotech stock soared more than 130% year to date and nearly 39% so far this month as of the Tuesday market close.

Image source: Getty Images.

Source Fool.com

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