If you are wondering whether Novavax at around $6.66 is a hidden bargain or a classic value trap, you are not alone. That is exactly what we are going to unpack.

Despite a bruising long-term track record, with the share price still down 23.4% over the last year and 94.9% over five years, the stock has tried to stabilize recently. It has gained 1.4% over 7 days and 2.9% over the last month, even though it remains down 22.3% year to date.

Recent moves in Novavax have been shaped by shifting market sentiment around its COVID-related product pipeline and ongoing efforts to secure partnerships that can support its vaccine portfolio and funding runway. Investors are also weighing the company’s broader vaccine platform ambitions in…