2024-04-12 06:35:00 ET
In just the past 12 months, Novavax (NASDAQ: NVAX) stock has plummeted 48% in value. The once-promising COVID vaccine maker has struggled mightily; it was late to getting a vaccine approved and to market, and now with some concerns relating to COVID subsiding, its near-term prospects haven't been looking good, either.
But with the healthcare stock down more than 60% from its 52-week high of $11.36 and at a market cap of around $620 million, has the stock become cheap enough that it's worth it for investors to take a chance on the company?
Novavax has an approved COVID-19 vaccine and it's bullish on a combination flu and COVID-19 shot, which is currently in phase 2 trials. It may enter phase 3 trials in the latter half of this year, with a launch possible by 2026. Other vaccine makers, including Pfizer and Moderna , have also been developing their own combination vaccines to treat both the flu and COVID, so there's sure to be plenty of competition for Novavax.
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Down 60% From Its 52-Week High, Is Novavax Stock a Buy?