Why Novavax Stock Jumped Nearly 10% Today
Shares of Novavax (NASDAQ: NVAX) are soaring today, up 9.6% as of 3:16 p.m. EDT. The nice gain comes as the overall stock market is rallying after President Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by a bipartisan vote in both houses of the U.S. Congress over the weekend. Novavax is also continuing to enjoy momentum from its announcement last week of positive results from a late-stage study of flu vaccine NanoFlu.
The old adage that "a rising tide lifts all boats" no doubt applied to Novavax as the stock market moved higher today. However, the more important story for the biotech stock is its big clinical win for NanoFlu.
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Source Fool.com