Why Novavax Stock Is Skyrocketing This Week

Shares of Novavax (NASDAQ: NVAX) were skyrocketing 28% higher this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence. On Tuesday, the European Union authorized Novavax's COVID-19 vaccine Nuvaxovid for adolescents ages 12 to 17. Novavax also announced on Thursday that the European Medicines Agency (EMA) approved SK bioscience as a supplier for Nuvaxovid.

Both of Novavax's developments this week were catalysts for the vaccine stock. However, shares jumped the most on Thursday after the EMA's approval of SK bioscience.

It's likely that the overall stock market gains on Thursday also played a big role in Novavax's share price rising so much. All of the major market indexes were up, with the Nasdaq Composite Index leading the way.

Source Fool.com