Why Novavax Stock Is Soaring Again Today

Shares of Novavax (NASDAQ: NVAX) were soaring 19.1% as of 12:08 p.m. EST on Monday. This big gain came after the stock skyrocketed on Friday following its announcement of positive late-stage results for COVID-19 vaccine candidate NVX-CoV2373.

Today's jump appears to be due in part to continued momentum from last week. Also, B. Riley Securities analyst Mayank Mamtani increased his price target on Novavax from $223 to $334, reflecting a 51% premium to the stock's closing price on Friday.

It's impossible to determine how much of today's gain for Novavax stemmed from Mamtani's bullish view on the biotech stock. However, the underlying reasons for his optimism appear to be on point.

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Source Fool.com