Novavax (NASDAQ:NVAX) stock is taking a beating on Friday as investors react to news about Merck (NYSE:MRK) developing a COVID-19 treatment.
Novavax is currently developing its own vaccine for the novel coronavirus. However, it may have waited too long to get it out. Merck revealed interim study results today that show its oral pill molnupiravir reduces the risk of death or hospitalization by roughly 50% in certain coronavirus patients.
This means that there may be less need for the vaccine in the works by Novavax. On top of that, other companies already have vaccines out while NVAX is still taking part in Phase1/2 clinical trials.
Taking into account the delay in getting out its vaccine, as well as the news from Merck today, and it’s no surprise investors in NVAX stock are seeing red today. To go along with that, heavy trading has some 12 million shares changing hands. The stock’s daily average trading volume is closer to 4.8 million shares.
Investors over on Twitter (NYSE:TWTR) are also weighing in on the Merck news and what it means for NVAX stock today. Let’s check out a few of their comments below!
NVAX Stock Twitter Talk
$NVAX what stupid price action. An antiviral pill doesn't replace vaccines. Nearly caught the bottom at $159.00. The shorts will only be rocket fuel for the WHO blast-off next week.
— Kenneth Dreesen (@Dreesenkl) October 1, 2021
The following companies are a good buy after getting slaughtered today:$NVAX$OMER$BYSI
Look for the opportunities. If the reason is stupid something was destroyed, then eventually cooler heads prevail and it goes back up.
— TraderJill – (Pronouns: Meme Queen/Your Highness) (@LadyJustice6910) October 1, 2021
BRAND NEW #antiviral pill cuts the risk of hospitalizations and deaths in #COVID patients
Vaccines are Not the END all be ALL!
More like Biggest #Fakenews of our life times$VXRT $MRNA $AEHR $NRXP $INO $NVAX $CODX $BNTX $MRNA $INO $AZN $PFE $JNJ $GILD #VaccineMandate #Mkt pic.twitter.com/L3rJtOFoXj
— Oil & Natural Gas Biofuels Futures ⛽️ New Energy (@BakkenShale) October 1, 2021
Ok, I'm out of $NVAX day trade. It was a seriously risky trade. The reality of the situation for $NVAX is they need to catch up to $PFE / $BNTX and $MRNA on the vaccine approvals and commercialization quickly, otherwise, their shareholders are F'ed. This is a binary trade now.
— DMC (@AssetReset) October 1, 2021
NVAX stock was down 15.4% as of Friday afternoon but is still up 55.6% since the start of the year.
Investors looking for more hot stock market news from today will want to stick around!
InvestorPlace has all the stock market stories traders need to know about with our daily coverage of the space. That includes what has Zomedica (NYSE:ZOM) stock soaring higher, why Chinese EV stocks are gaining, as well as the reasons behind the AMC Entertainment (NYSE:AMC) chatter today. You can get all those details from the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
