Why Novavax Crushed the Market Today

Always a bit of an underdog coronavirus stock, Novavax (NASDAQ: NVAX) over-performed on Wednesday. The biotech's shares were trading over 8% higher in late afternoon action, following yet another authorization from a healthcare regulator for the company's COVID-19 vaccine.

In the morning, Novavax announced that Switzerland's healthcare regulator, the Swiss Agency for Therapeutic Products (Swissmedic), has granted conditional marketing authorization (CMA) for Nuvaxovid. Also known as NVX-CoV2373, this is a protein-based vaccine that contrasts with the highly popular mRNA-based solutions of rivals Moderna and the partnership of Pfizer and BioNTech.

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Source Fool.com