Why Novavax Stock Slumped Today
Shares of Novavax (NASDAQ: NVAX) were down by 10.4% on Wednesday, even though the vaccine maker did not report any news, and the stock market was up today. A possible explanation is that while the biotech company has been racing to develop a vaccine for COVID-19, Gilead Sciences (NASDAQ: GILD) has announced positive results from a phase 3 clinical trial for remdesivir as a potential treatment for the disease. And so investors are less confident that Novavax will make a fortune off its potential COVID-19 vaccine.
Gilead's remdesivir has been considered the most promising potential treatment for COVID-19. Back in February, the National Institutes of Health (NIH) started a phase 3 clinical trial investigating the safety and efficacy of remdesivir as a treatment for the coronavirus. Today, both Gilead and the NIH announced positive results from this trial.
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Source Fool.com
