Moderna, Inc. and Novavax, Inc. were trading up over 10 percent and 8 percent, respectively, at one point on Wednesday, boosted by the S&P 500’s almost 2.6 percent intraday gain.
The pharmaceutical stocks have been heavily beaten down over the past many months, with Moderna declining over 70 percent from its Aug. 10, 2021 all-time high of 497.49 and Novavax plummeting about 76 percent 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.
