(NASDAQ: NVAX) soared early in the coronavirus vaccine race. The stock climbed more than 2,700% in 2020.

But as the biotech company fell behind in the race, so did its shares. Novavax launched a vaccine -- but about a year after rivals Pfizer and Moderna, so it lost out on lots of the initial early pandemic revenue.

Today, it may look like all three companies are on equal footing. They each are preparing potential vaccines targeting the latest coronavirus variant -- with the goal of launching products for the upcoming fall vaccination season. This is positive. Still, there's one thing bears know about Novavax that bulls don't.

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Source Fool.com