Race for coronavirus vaccines stokes a biotech stock bubble
In the past two months alone, Wall Street investors have pumped billions into a handful of biotech companies in the early stages of producing vaccines or drugs to combat the. Some of these companies are pursuing promising treatments, experts say, but others are likely to strike out on finding a cure. The result: a coronavirus investment bubble that’s already approaching nearly $200 billion in stock market value.
On Monday, shares of vaccine developer Novavax spiked 15% on news the company had started testing its coronavirus vaccine on humans in Australia. The results of the trial, which is merely the first phase of getting a vaccine approved for widespread usage, won’t be available until July. Still, investors are impressed: Novavax’s stock price, which started the year at $4, has since zoomed 1,200% to more than $50 this week; shares were trading around $44 each on …continued .
[Source: CBS News]