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Novavax shares skyrocket after company reveals job cuts

Yahoo Finance

Yahoo Finance Live’s Julie Hyman reports that Novavax will reduce its global workforce by 25%.

Video transcript

JULIE HYMAN: Let's take a look at one trending ticker that we are watching. You mentioned it earlier. Novavax shares skyrocketing some 48%. The company announced it would be cutting about 25% of its global workforce as the COVID-19 pandemic eases.

The vaccine maker also saw positive results from its COVID-flu combination shot, and the market has been waiting, hotly anticipating those types of results, and trying to figure out what the next chapter is going to be for Novavax. So it looks like there's some optimism coming back into the shares today.