Novavax Inc., a biotechnology company that develops vaccines for serious infectious diseases, saw its stock plummet 5.19% during intraday trading on Wednesday. This decline comes despite an initial premarket rally spurred by the recent CDC report on rising COVID-19 and flu cases across the United States.
The sell-off in Novavax's shares seems to be part of a broader market correction in the vaccine sector. Major vaccine makers like Moderna, Novo Nordisk, CureVac, and BioNTech, which initially rallied on the CDC's respiratory illness data, also experienced a pullback during intraday trading.
While the CDC's warning of increased COVID-19 and flu activity initially boosted investor confidence in vaccine manufacturers, it appears that the market has now priced in this news, leading to profit-taking and a subsequent decline in stock prices for companies like Novavax.
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