Should You Buy Novavax's Stock Before the FDA Approves Its New COVID Shot?
Concerns around COVID-19 are diminishing but they are not going away entirely. New variants are emerging and case numbers have been climbing.
One company that continues to work on developing an updated COVID vaccine is Novavax (NASDAQ: NVAX). Last week, the biotech announced that its latest vaccine was effective against new variants, leading to a bump in its share price. Could the momentum last? Let's see.
The Food and Drug Administration (FDA) hasn't approved any updated COVID vaccines yet, but the expectation is that they will become available by the end of September. That means the vaccines could obtain approval within weeks. Novavax may once again be competing for a chunk of the market along with rivals Pfizer and Moderna, which have also been working on updated shots.
Source Fool.com