Novavax (NASDAQ: NVAX) is a beaten-down COVID stock that has seen its shares plummet 85% since the start of the year. Mounting losses and drastically slashed guidance, plus a COVID-19 vaccine market that looks to be diminishing in size, are the key reasons why investors have been bearish on the stock this year.

However, the company did receive good news recently. The Food and Drug Administration (FDA) granted its vaccine Emergency Use Authorization (EUA) as a booster for adults. And the Centers for Disease Control and Prevention (CDC) gave people 18 years of age and older the green light to use it as a booster, even if they've received Moderna or Pfizer shots as their primary doses.

It's a win for the company. But does this news make Novavax's stock a buy, or is it simply too little, too late?

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Source Fool.com