- NASDAQ:NVAX adds a futrther 0.93% to Wednesday's gains as broader markets bounce back.
- NVAX is one biotech firm to watch after partnering with Serum Institute of India.
- Novavax investors await results of Phase 3 of its clinical trials.
It has been a historic year for biotech firms as the emergency need for a COVID-19 vaccine has put many small firms on the radars of investors. NASDAQ:NVAX is at the top of that list and after gaining over 4600% year to date, the stock still could have room to move if the results of its Phase 3 clinical trials are successful. On Thursday, Novavax rose 0.93% to close the day at $111.02, which means the stock is still trading at a 40% discount from its 52-week high of $189.40. The stock is trading right at its 50-day moving average which shows how flat shares have been even through some encouraging announcements from the firm.
In late September, the Maryland-based biotech company announced a partnership with the largest manufacturer of vaccines in the world at the Serum Institute of India. The deal led to estimates of over 2 billion annual doses of its vaccine candidate: NVX‑CoV2373 for low-income countries which includes India. Considering these reports from the company, the stock has not moved up over the past couple of months which may be an indication that investors are exercising caution over which biotech company will emerge as the successful candidate.
NVAX stock news
As the global economy continues its volatility heading into the final quarter of 2020, investors who are looking to Novavax as a possible horse to back in the race for a vaccine may want to take the plunge now before it is too late. Expect the stock to get a boost if a successful Phase 3 result is reported, and with a mean analyst price target of $227.60, these may be the lowest levels the stock sees for quite some time.
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