Novavax (NASDAQ:NVAX) stock is on the move Wednesday as investors react to an update from the Food and Drug Administration (FDA) for its Covid-19 vaccine.
The big news today is the advisory committee to the FDA recommending the vaccine for use in adults. This saw 21 members vote in favor of it while one member abstained from voting.
That news is boosting NVAX today after the stock was halted during trading yesterday. Now the only thing Novavax is waiting for is actual approval from the FDA, which is likely to follow considering the advisory committee’s recommendation.
So does this mean that traders will want to buy NVAX stock? Not necessarily. Let’s take a look at what the experts have to say below!
Is NVAX Stock a Buy?
- “As a late entrant into the Covid-19 vaccine space with a relatively poor competitive position, a logical strategy to build market share for Novavax is to use price as a lever to counter the existing mRNA duopoly … This would make increasing vaccine prices more difficult in the endemic phase of Covid-19.” — Mani Foroohar, SVB Securities analyst, Investor’s Business Daily
- J.P. Morgan analyst Eric Joseph is also wary about diving into NVAX stock right now. He warns there may not be the untapped number of unvaccinated willing to get the shot that Novavax believes there is.
- Cantor Fitzgerald analyst Charles Duncan thinks there’s potential for NVAX shots. He argues this is due to some patients being more comfortable with its traditional creation and two-shot application.
NVAX stock is up 1.2% as of Wednesday morning.
There’s more stock market news worth diving into below!
InvestorPlace has all the latest stock market news worth knowing about. That includes this morning’s biggest pre-market stock movers, a crypto update from PayPal (NASDAQ:PYPL) as well as the most recent Lucid Group (NASDAQ:LCID) news. You can read all about these topics at the following links!
More Wednesday Stock Market News
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- Lucid News: 7 Things for LCID Stock Investors to Know About New Lease and Loan Options
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.