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Sanofi just handed Novavax a commercial lifeline for the fall vaccination season, and the stock is reacting in a way that leaves Moderna and BioNTech looking like bystanders. The real question is whether the royalty model powering this rally is as strong as the surge suggests.
Sanofi is carrying the Nuvaxovid COVID-19 shot into the fall vaccination season, and buyers are rewarding shares of licensor Novavax (NASDAQ:NVAX) far more heavily than the rest of biotech. Novavax stock has rose 17% during afternoon trading, reaching $12.28, a move that stands well apart from its closest vaccine…