Why Novavax Stock Got Crushed Today
Vaccine specialist Novavax (NASDAQ: NVAX) couldn't prevent a sell-off of its shares on Monday. Although the company reported seemingly good news, investors fled the stock, resulting in a nearly 10% drop in price on the day.
The good news is that Novavax is launching the phase 3 clinical trial for NVX-CoV2373, its entry in the coronavirus race. The company aims to recruit 30,000 participants for the PREVENT-19 study, which is to take place in roughly 115 locations in the U.S. and Mexico.
As with other coronavirus vaccine developers, Novavax is bolstered by the support of the U.S. government's Operation Warp Speed. One wing of the Department of Health and Human Services, the Biomedical Advanced Research and Development (BARDA), is providing up to $1.6 billion in funding for PREVENT-19.
Source Fool.com