Why Novavax's Stock Is Trading Higher Today

Novavax (NASDAQ: NVAX) shares are trading higher on Friday after Cantor Fitzgerald raised its price target on the stock from $45 to $88.

The stock has regained investor interest amid a resurgence in coronavirus cases, as the company is working on a vaccine candidate.

Novavax is a biotechnology company that develops vaccines. The company works in the clinical stage of development with a focus on delivering novel products that prevent a broad range of diseases.

Novavax shares were trading up 6.55% at $63.15 at time of publication on Friday. The stock has a 52-week high of $64.32 and a 52-week low of $3.54.