Why Novavax Stock Is Rising Today

Shares of Novavax (NASDAQ: NVAX) were up 2.3% as of 12:03 p.m. EDT on Wednesday after moving 4.2% higher earlier in the day. The company didn't report any news, so it's possible that today's gain could be in response to Altimmune (NASDAQ: ALT) throwing in the towel on its experimental nasal COVID-19 vaccine after disappointing clinical results. But Novavax's move could also simply be a continuation of momentum that began last week.

A relatively small jump for Novavax isn't anything to get overly excited about. Biotech stocks frequently move up and down by even larger percentages with no obvious catalyst.

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Source Fool.com