It was a little over a year ago that Novavax (NASDAQ: NVAX) submitted its final data packages to the U.S. Food and Drug Administration (FDA) for its COVID-19 vaccine, paving the way for it to obtain Emergency Use Authorization (EUA) several months later. But despite making it to the finish line, it appears to have been too little too late for the stock, which has come crashing down since then.
However, with COVID cases on the rise now and Novavax trading at a significantly lower price, there may be a bullish case for buying the healthcare stock . Could Novavax be a good contrarian investment to add to your portfolio?
The economy is, for the most part, back to normal. But that doesn't mean that the demand for vaccines and booster shots has disappeared. Cases of COVID-19 have been rising sharply over the past six months, and that could heighten the urgency and need for booster shots. Meanwhile, China continues to battle COVID and only recently ended its latest round of lockdowns.
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Is Novavax Stock a Bargain After Falling More Than 90% From Its High?