Why Novavax Shares Are Diving Today

Novavax, Inc. NVAX shares are trading lower by 14.20% at $50.14. Bank of America's Alec Stranahan initiated coverage of Novavax with an Underperform rating and a price target of $35. Nuvaxovid is likely to underperform the longer-term consensus estimates, Stranahan said in the initiation note... Read More

Stocks have also been highly volatile following the Federal Reserve’s recent 50 basis point rate hike, which has weighed on the Nasdaq heavily.

Novavax is also trading lower by 64.92% on a year-to-date basis as investors digest the latest U.S. inflation data, which came in higher-than-expected. Anticipation of further Fed policy tightening has also continued to weigh on stocks across sectors.

See Also: Why Palo Alto Networks Stock Is Moving Higher

Novavax is a biotechnology company that develops vaccines.

According to data from Benzinga Pro, Novavax has a 52-week high of $277.80 and a 52-week low of $41.33.