Novavax’s stock soars after positive COVID and flu trial data and news of plan to lay off 25% of workforce

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Novavax Inc.’s stock soared Tuesday after the biotech company reported positive results from a trial of three flu and COVID vaccines and unveiled a restructuring that will see it part with a quarter of its staff.

The move put the stock on track for its biggest one-day gain in more than two years as worries raised by the company’s “going-concern” warning from earlier this year appeared to ease.

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