Why Novavax and BioNTech Stocks Are Jumping Today
Shares of Novavax (NASDAQ: NVAX) were jumping 10.9% as of 10:51 a.m. EDT on Tuesday, while BioNTech (NASDAQ: BNTX) was up nearly 5%. The gains for both stocks came after the U.S. Centers for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA) jointly recommended pausing the use of Johnson & Johnson's (NYSE: JNJ) COVID-19 vaccine after a few cases of blood clots were reported in individuals who received the vaccine.
It's par for the course for biotech stocks to benefit from bad news for a rival. There's a possibility that both Novavax and BioNTech could sell more of their respective COVID-19 vaccines due to J&J's issues.
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Source Fool.com
