Shares of Novavax (NASDAQ: NVAX) were plunging 26.3% this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence . Two factors contributed to the dismal performance.
First, the overall stock market tumbled as investors fretted over the Federal Reserve's latest interest rate hike. This move weighed on most stocks. Novavax wasn't an exception.
Second, JPMorgan Chase analyst Eric Joseph downgraded the vaccine stock from neutral to overweight (meaning: likely to do better in the future). Joseph also slashed his 12-month price target on Novavax from $132 to $27.
For further details see:Why Novavax Stock Is Plunging This Week