Why Novavax, Vaxart, Sorrento Therapeutics, and Other Coronavirus Stocks Plummeted Today
Coronavirus-related stocks declined sharply on Wednesday, extending their losses following Russia's announcement on Tuesday that it had developed the world's first COVID-19 vaccine.
As of 11:55 a.m. EDT, shares of Novavax (NASDAQ: NVAX), Heat Biologics (NASDAQ: HTBX), Sorrento Therapeutics (NASDAQ: SRNE), Vaxart (NASDAQ: VXRT), and iBio (NYSEMKT: IBIO) were down 20%, 17%, 15%, 14%, and 14%, respectively.
Russian President Vladimir Putin's statements that Russia was planning to begin a wide-scale immunization program after approving a coronavirus vaccine sent investors into a tizzy. Despite warnings by U.S. and international scientists that Russia's claims regarding its vaccine had not yet been substantiated, many investors decided to sell their shares of COVID-19 vaccine and treatment stocks. That selling appears to be continuing today.
Source Fool.com
