Novavax’s stock rallies after the company names new CEO

Shares of Novavax Inc.
NVAX,
+13.61%
were up about 9% in trading on Monday after the company said John Jacobs will take over as president and CEO on Jan. 23. Jacobs, the former president and CEO of Harmony Biosciences Holdings Inc.
HRMY,
-14.26%,
will replace Stanley Erck, who will continue to advise for the company into 2024. Novavax’s stock has tumbled 90.5% over the past year, while the S&P 500
SPX,
+1.40%
is down 17.0%.