Why Novavax Stock Is Skyrocketing Today

Shares of Novavax (NASDAQ: NVAX) are skyrocketing today, up 59.4% as of 10:30 a.m. EDT, after the biotech announced yesterday evening that the Coalition for Epidemic Preparedness Innovations (CEPI) is investing up to $384 million of additional funding in Novavax's experimental COVID-19 vaccine. In March, CEPI provided a $4 million grant to Novavax for its novel coronavirus program.

This latest investment was definitely a huge deal for Novavax. It provides a lot of money for the biotech to move forward with clinical testing of its COVID-19 vaccine candidate NVX-CoV2373. The funding also increased the perception of Novavax as a leader in the race to develop a vaccine for the novel coronavirus.

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Source Fool.com