Is Novavax Stock a Buy?

The COVID-19 pandemic has affected daily life in a number of ways, and a vaccine for the disease is probably our best hope for a return to normal. Thankfully, well over a dozen companies are working to develop a vaccine for the novel coronavirus at an incredible pace; one of these, Novavax (NASDAQ: NVAX), has been a leader in this race over the past six months, and investors have taken notice.

But while its stock soared by nearly 4,500% during the first half of the year, it has fallen sharply over the past couple of months. As of this writing, shares are up by 2,230% in 2020. That still compares very favorably to the S&P 500, which has gained 3.4% since the year started. The next four months will be critical for Novavax as it continues to advance its COVID-19 programs. Should investors get on board and buy its shares right now?