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By William White, InvestorPlace.com
NVAX stock also got an upgrade from JPMorgan
- Novavax (NVAX) stock is taking off on Friday, reaching a new 52-week high.
- This comes on the back of a deal with Sanofi (SNY).
- The news also saw JPMorgan upgrade NVAX shares today.
Novavax (NASDAQ:NVAX) stock investors are celebrating on Friday as the vaccine company’s shares hit a new 52-week high after announcing a deal with Sanofi (NASDAQ: SNY).
This news saw NVAX stock climb as high as $11 per share during normal trading hours on Friday. That comes with some 167 million shares changing hands. For the record, this is well above its daily average of about 6.8 million shares.
Investors will note that NVAX stock hasn’t been in this range since September 2022. However, it’s still a far cry from its previous highest price of around $290 per share. It’s worth noting that Novavax stock reached that price during the height of the pandemic.
The Sanofi deal includes a co-exclusive licensing agreement with Novavax. This covers its Covid-19 vaccine. It also has Sanofi taking a minority stake of less than 5% in the company.
JPMorgan Upgrades NVAX Stock
Alongside all of this positive news comes an upgrade from JPMorgan. This has the analyst firm increasing its rating for NVAX stock from “underweight” to “neutral.” That’s still a bit bearish compared to the analyst consensus rating of moderate buy based on three opinions.
NVAX stock is up 97.3% as of Friday afternoon and up 75.4% since the start of the year.
There are more stock market stories traders need to read about today below!
We have all of that info good to go with out coverage of the stock market. That includes what’s going on with shares of Oklo (NYSE:OKLO) stock, another update on NVAX shares and more. All of this news is available below!
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