Struggling biotech Novavax (NASDAQ: NVAX) was a hot buy a few years ago as it was in the midst of developing a vaccine for COVID-19. Ultimately, it did produce an approved vaccine, but it was a bit late and did not end up generating nearly as much in revenue as it could have if it had obtained approval much earlier. And since 2022, a sell-off has ensued, with the stock losing more than 91% of its value.

Recently, there's been some renewed excitement in Novavax, however, and its shares are up over 150% this year. And there's a catalyst which could potentially drive that rally even higher. So should investors consider the stock now?

It may seem like a similar story for investors but Novavax has obtained approval for a COVID-19 vaccine -- yet again. On Aug. 30, the healthcare company announced that the Food and Drug Administration (FDA) granted Emergency Use Authorization for its new COVID vaccine, which is an updated formula that targets new variants currently in circulation.

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Source Fool.com