In the early days of the pandemic, if there was one coronavirus vaccine stock investors were betting on, it was Novavax (NASDAQ: NVAX) . The biotech stock soared more than 2,700% in 2020 as it developed its vaccine candidate. That beat the early performance of today's vaccine leaders, Pfizer and Moderna . In the same timeframe, Pfizer shares hardly budged. And Moderna climbed around 400%.
But Novavax's story has dramatically changed. The company's vaccine arrived on the market later than expected -- and now, demand for it isn't as great as Novavax had hoped. Investors have sanctioned the stock. It's lost a whopping 85% so far this year. Today, the big question is: Is there any hope for Novavax?
First, let's take a look at where Novavax stands with its vaccine. About 40 countries -- including the U.S. -- have granted the product emergency use authorization. Novavax also is progressively winning authorizations for use in teens and for use as a booster. For example, it recently won the nod for teens in the United States. And the European Union authorized it for use as a booster in the adult population.
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Down 85%, Is There Any Hope for This Struggling Vaccine Stock?