Why Novavax Is Blasting Higher Today

Shares of clinical-stage vaccine company Novavax (NASDAQ: NVAX) are popping yet again Monday. The biotech stock was up by 33.2% on extremely heavy volume as of 12:07 p.m.

Novavax's latest move higher was sparked by a notable upgrade from investment bank B. Riley FBR. The firm reportedly raised its 12-month price target on the stock from $43 to $53 a share due, in part, to the recent $388 million in funding it received from the Coalition for Epidemic Preparedness Innovations. The company will use that influx of cash to advance the clinical development of its SARS-CoV-2 vaccine candidate, NVX-CoV2373.

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Source Fool.com