Why Moderna and Novavax Shares Are Racing Higher Today

Shares of the COVID-19 vaccine developers Moderna (NASDAQ: MRNA) and Novavax (NASDAQ: NVAX) are both marching higher today. In response to the news that AstraZeneca (NASDAQ: AZN) and partner Oxford University will likely have to run another late-stage trial for their COVID-19 vaccine candidate in order to gain regulatory approval in the U.S., Moderna's stock was up by a healthy 11.4%, while Novavax was higher by 11.8% as of 9:49 a.m. EST Friday morning. 

A few short months ago, AstraZeneca and Oxford's COVID-19 vaccine appeared to be well on its way toward becoming one of the first products on the market. After the discovery of a major dosing error in its late-stage trial, however, this once-promising vaccine now seems destined to end up as a second- or perhaps third-tier product.

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Source Fool.com