Why Novavax Shares Jumped Today
Shares of Novavax (NASDAQ: NVAX) were jumping 5.8% as of 3:13 p.m. EDT on Wednesday after rising as much as 11.9% earlier in the day. The biotech announced the hiring of two new senior executives: Senior Vice President and Chief Medical Officer Filip Dubovsky and Senior Vice President, Investor Relations and Corporate Affairs Silvia Taylor. But the primary factor driving shares higher was more likely growing anticipation among investors that Novavax would achieve success with its COVID-19 vaccine candidate NVX-CoV2373 and flu vaccine candidate NanoFlu.
Biotech stocks typically don't move much because of new hires, except at the CEO level. It's not likely that either of Novavax's additions to its executive team served as a big catalyst today. However, the company's hiring of Filip Dubovsky does reinforce an underlying perception that Novavax is on its way to becoming a bigger player in the biopharmaceutical industry.
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Source Fool.com