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Why Novavax Stock Beat the Market Today

TheMotleyFool

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Biotech Novavax (NASDAQ: NVAX) was one of the better-performing stocks in its sector on Wednesday. The company's shares closed the day 5% higher, well eclipsing the 2.2% rise of the S&P 500 index, despite a fresh analyst price-target cut.

China-based CFRA chopped its price target by over 20%, reducing it to $83 per share from the preceding $107. The motivation behind the adjustment was not immediately clear. In the past, like other notable biotechs, Novavax has been rather susceptible to analyst adjustments such as this one.

Image source: Getty Images.

Source Fool.com

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