The Novavax (NASDAQ: NVAX) rollercoaster has been a wild one. The stock soared more than 2,700% in 2020 after the company received $1.6 billion from the U.S. government to develop the COVID-19 vaccine we now know as Nuvaxovid.
Unfortunately, Novavax didn't receive authorization to sell its vaccine in the U.S. until this July. Disappointed investors have pushed Novavax's stock price down around 93% from the peak it reached in early 2021.
Part of Novavax's losses came in response to a recent downgrade from JPMorgan Chase analyst Eric Joseph. On Thursday, Sept. 22, 2022, Joseph lowered his rating from neutral to underweight and reduced his price target on the stock from $132 down to $27 per share.
For further details see:
Novavax Downgraded by JPMorgan Chase. Time to Sell?