Why Novavax Soared 71.7% in July

Novavax (NASDAQ: NVAX) shares surged 71.7% in July, according to data provided by S&P Global Market Intelligence, after the U.S. government offered the company $1.6 billion to support the development of its coronavirus vaccine.

Operation Warp Speed has given biotech and big pharmaceutical companies billions of dollars as part of its effort to help bring a vaccine to market by January. Novavax's award, at the time it was granted, was Operation Warp Speed's biggest yet. Since, Operation Warp Speed has offered Sanofi (NASDAQ: SNY) and GlaxoSmithKline (NYSE: GSK) as much as $2.1 billion for the development, manufacturing, and delivery of 100 million doses of a coronavirus vaccine.

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Source Fool.com