Novavax Inc. (NASDAQ:NVAX) shares are pulling back Tuesday after a more than 20% surge Monday. Vaccine stocks rallied after a suspected pneumonic plague case in Russia.
- Novavax shares are sliding. What’s pressuring NVAX stock?
Novavax Jumps After Suspected Russia Plague Case
Benzinga Pro data shows Novavax climbed 20.08% in Monday’s regular session. The stock is now retreating Tuesday as investors likely take profits.
The rally followed reports of a suspected pneumonic plague case in Russia. A 28-year-old anti-plague lab worker died after reportedly coming into contact with the pathogen on September 25. The Trump administration is reportedly tracking the case.
About 200 contacts remain under watch. Irkutsk Gov. Igor Kobzev said none of those people had developed symptoms and all had tested negative.
Novavax Develops Vaccines Through Early-Stage Research and Partnerships
Novavax is a biotechnology company that develops vaccines. Much of its work centers on clinical-stage programs meant to prevent a wide range of diseases. Novavax concentrates on early-stage research in house and uses its vaccine technology to build a pipeline of potential products.
The company also relies on partnerships to unlock value from its assets. A wholly owned Swedish subsidiary helps it produce vaccine candidates for known and emerging disease threats. As a result, the stock can swing sharply on expectations for pipeline progress, partnerships and the company’s ability to turn its platform into commercial products.
Outbreak headlines can pull investors toward vaccine makers. Novavax builds vaccine candidates aimed at both established and newly emerging diseases, so investors may be betting outbreak worries will lift interest in its work.
MVAX Shares Are Dropping
NVAX Price Action: Novavax shares were down 10.59% at $11.24 at the time of publication on Tuesday. The stock is trading near its 52-week high of $13.38, according to Benzinga Pro.
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