NVAX Stock Surges on COVID-19 Vaccine Development

NVAX is still enjoying tailwinds after the vaccine announcement

Shares of Novavax Inc (NYSE:NVAX) are soaring today, up 12.3%, earlier peaking at $17.71, and last seen at $13.87. The clinical-stage vaccine company earlier in the week announced a COVID-19 vaccine candidate, which they hope to put into phase 1 clinical trial late this spring. NVAX is planning to utilize its proprietary Matrix-M adjuvant with its candidate in the hopes that it will enhance immune responses.

While the global market continues to reel in the wake of the coronavirus outbreak, analysts are mixed on just how to tackle shares of companies with their hands in the perennial vaccination drug-market bag. Currently, five out eight analysts are lying heavily on a "strong buy" recommendation, while two are saying its time to "hold," and just one sports a "strong sell."

NVAX experienced an odd course of events today as its trading was suddenly halted due to volatility before being resumed shortly thereafter. Currently, NVAX is trading at its highest point since its March 2019 bear gap, though it has a ways to go to mend the pullback. Year-to-date, the equity sports an impressive 239% gain.