Moderna, Inc (NASDAQ:MRNA) and Novavax, Inc (NASDAQ:NVAX) were trading up over 10% and 8%, respectively, at one point on Wednesday, boosted by the S&P 500’s almost 2.6% intraday gain.
The pharmaceutical stocks have been heavily beaten down over the past many months, with Moderna declining over 70% from its Aug. 10, 2021 all-time high of 497.49 and Novavax plummeting about 76% from its all-time high of 331.68 printed on Feb. 9 of that same year, when the COVID-19 pandemic plagued the global community.
