The scenario for Novavax (NVAX) has been clear for a while. The failure of the vaccine for RSV in older adults last year crushed the stock. Luckily, the small biotech raised cash last year so the company isn't under a major cash crunch until after obtaining data from the two crucial trials below. The repeat Phase 2 trial for RSV for older adults is ultimately the most crucial trial, but the Phase 3 trial for infants is important to prove the company can execute and is onto something with these RSV vaccines. Breaking $1 is a serious issue though. The stock held on the first dip to $1, but collapsed on extreme volume of 29.3 million shares on Thursday. The implications are that the market knows something about the test results of these trials or that the Novavax is under a short attack wanting to pressure the stock down and scare out the weak hands. Either way, the stock isn't investable at this point. Quality stocks don't break $1 on huge volume with no news. Stick to the sidelines here. Disclosure: No position