Over the course of the past few months, certain companies that have been involved in developing coronavirus vaccines have seen their stock prices rise considerably, and one such company is Novavax, Inc. (NASDAQ:NVAX).
NVAX stock is up 900% YTD
(NVAX) has skyrocketed at a breakneck pace in 2020, and so far, it has gained as much as 900%. In such a situation, it is pertinent to figure out whether there is still any possible upside for investors who buy into the stock at this point. While the company’s flu vaccine known as NanoFlu got the coveted Fast Track designation from the United States Food and Drug Administration, there was good news regarding its COVID-19 vaccine as well.
The Coalition for Epidemic Preparedness Innovations had earlier invested as much as $4 million in the company’s coronavirus vaccine program. However, earlier on in the month, CEPI raised the stakes and invested a further $384 million in the program. It is CEPI’s single biggest investment to date, and that provided further fuel the Novavax stock. Hence, the company now has at least two candidates in its pipeline that could propel the company to new heights, and that has naturally created a lot of optimism around the stock.
On top of that, there has also been significant development with regards to the company’s coronavirus vaccine candidate today. It emerged this morning that Novavax has started the trials for the product in Australia and aims to release the product later on in 2020. The company has injected as many as 131 volunteers with the product in Phase 1 of the clinical trial. In this phase, the company is looking to establish safety as well as the effectiveness of the vaccine.
It should be noted that in addition to the vaccine that is now being trialed by Novavax, there are many other companies that are testing their own coronavirus vaccines. At this stage, it is hard to say which one of those will emerge as the winner. Sign-Up below for breakout alerts on NVAX and other fast-moving stocks.