Why Novavax Stock Is Skyrocketing Today

Novavax (NASDAQ: NVAX), a late-stage vaccine developer, is poised for yet another strong session today. Specifically, the biotech's shares jumped by as much as 35% in premarket trading Tuesday morning. If this latest move northward holds during today's session, Novavax's stock will have risen by an astounding 3,500% for the whole of 2020.  

The catalyst? Ahead of the opening bell, Novavax announced that the federal government -- through the Operation Warp Speed (OWS) program -- awarded the company a staggering $1.6 billion to complete the late-stage development of its COVID-19 vaccine candidate known as NVX-CoV2373. The funding will reportedly be used to support a pivotal-stage trial, along with the production of 100 million doses of NVX‑CoV2373 by January 2021. 

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Source Fool.com