Why Vaxart Is Soaring Today
Shares of Vaxart (NASDAQ: VXRT) were up by 24.8% as of 11:49 a.m. EDT on Monday. The company did not report any news, so what is going on? There are probably two major reasons behind the company's gains. First, Vaxart's stock is riding on the wave of the broader market, which started the week on a strong note. Second, the biotech company has been looking to develop a vaccine for COVID-19, and its shares are up by almost 1000% year to date as a result. Today's gains are likely a continuation of that trend.
As several states are eyeing easing restrictions on social distancing and many businesses are set to reopen, investors seem increasingly optimistic that the economic impact of the COVID-19 outbreak won't be catastrophic after all. But the public health crisis is still ongoing, and companies looking to develop vaccines or treatments for COVID-19 have been getting a lot of attention from investors. Vaxart is one such company.
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Source Fool.com
