Novavax now has “a viable alternative to mRNA vaccines,” like Pfizer and BioNTech or Moderna’s shots, an analyst at Jefferies said.

But with Novavax up 91% so far this year and after a more than 2,700% leap in 2020, it wasn’t enough to further bolster shares.

Biotech stocks often climb ahead of highly watched catalysts, only to give back gains even after a positive update.