Why Novavax Stock Slumped Today
On Wednesday, Novavax (NASDAQ: NVAX) took a bit of a breather from its impressive run on the stock market year to date. The catalyst for this slump may have been the fact that Ladenburg Thalmann analyst Michael Higgins downgraded Novavax's stock from neutral to buy, pointing to valuation concerns. Largely thanks to its efforts to develop a vaccine for the SARS-CoV-2 virus that causes COVID-19, Novavax's shares are up by more than 2300% since the beginning of the year.
