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Why Novavax Stock Sank Today

TheMotleyFool

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Shares of Novavax (NASDAQ: NVAX) were sinking 12.5% lower as of 3:32 p.m. EST on Monday. The biotech announced that it has completed enrollment of a late-stage study of COVID-19 vaccine NVX-CoV2373 in the U.S. and Mexico. That's good news, so why did the stock fall? There are two likely reasons.

First, the overall stock market declined on Monday. High-flying stocks like Novavax tend to drop more than the overall market does on a down day. Second, some investors could be concerned that a potential U.S. Emergency Use Authorization (EUA) later this week for Johnson & Johnson's (NYSE: JNJ) COVID-19 vaccine could limit Novavax's opportunities.

Image source: Getty Images.

Source Fool.com

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