Novavax Stock Soars on Promising COVID-19 Vaccine Updates

Novavax shares traded higher as rising COVID-19 cases in the US have boosted vaccine stocks. The dominant strain in the US is the EG.5 variant, while a highly mutated strain called BA.2.86 is being monitored. COVID tests seem effective against these variants, but it remains to be seen if a strain becomes more widespread. Fall 2023 boosters appear to work for new variants, but it is unknown if they will be effective against BA.2.86's mutations. Novavax shares closed 10.23% higher at $9.25.