In the early days of the COVID-19 pandemic, (NASDAQ: NVAX) took center stage. The biotech company became one of the first to enter clinical trials with a coronavirus vaccine candidate. And investors bet on victory, driving the shares up more than 2,700% in 2020.
Since then, though, troubles have multiplied -- and the stock has plummeted. Novavax's vaccine launched a year after those of the company's rivals, meaning Novavax missed out on the biggest revenue opportunity. And this weighed on the company's financial situation.
This week, though, the company announced a new major move in its cost-cutting plan -- and the stock took off. Is the worst over for this embattled vaccine maker?
Source Fool.com