Why Novavax Stock Rose 12.57% on Friday
Vaccine maker Novavax (NASDAQ: NVAX) saw its shares jump 12.57% on Friday. The stock closed at $17.18 on Thursday and opened at $17.27 on Friday. It climbed to as high as $19.46 before closing at $19.34. The stock has a 52-week low of $16 and a 52-week high of $236.50. So far this year, its shares are down more than 86%.
It's been a curious week for Novavax. On Wednesday, the pharmaceutical company announced that its COVID-19 booster vaccine, adjuvanted (NVX-CoV2373) had been granted Emergency Use Authorization (EUA) by the Food and Drug Administration (FDA), and the stock slumped nearly 4% because of limits on the vaccine put forth by the FDA, saying it would only be for those adults who request it or for whom mRNA-type vaccines, such as those provided by Pfizer-BioNTech or Moderna, are not available or appropriate.
On the same day the FDA acted, the Centers for Disease Control and Prevention (CDC) released a memo giving adults who had already gotten a primary-series vaccination the option to receive Novavax's booster instead of the Pfizer-BioNtech or Moderna boosters.
Source Fool.com
