“Why Novavax, Vaxart, Sorrento Therapeutics, and Other Coronavirus Stocks Plummeted Today”
August 13, 2020
“What happened
Coronavirus-related stocks declined sharply on Wednesday, extending their losses following Russia’s announcement on Tuesday that it had developed the world’s first COVID-19 vaccine.
As of 11:55 a.m. EDT, shares of Novavax (NASDAQ:NVAX), Heat Biologics (NASDAQ:HTBX), Sorrento Therapeutics (NASDAQ:SRNE), Vaxart (NASDAQ:VXRT), and iBio (NYSEMKT:IBIO) were down 20%, 17%, 15%, 14%, and 14%, respectively.
So what
Russian President Vladimir Putin’s statements that Russia was planning to begin a wide-scale immunization program after approving a coronavirus vaccine sent investors into a tizzy. Despite warnings by U.S. and international scientists that Russia’s claims regarding its vaccine had not yet been substantiated, many investors decided to sell their shares of COVID-19 vaccine and treatment stocks. That selling appears to be continuing today…”
https://www.fool.com/investing/2020/08/12/why-novavax-vaxart-sorrento-therapeutics-and-other/
This article is very significant for day traders. It seems like the party in the health sector relating to vaccines is over. Vaccine stocks may or may not spike again but at this time investors stand to lose money. If you’re a day trader it’s probably time to look elsewhere in the market to make money.