Is NVAX oversold following its earnings miss?

NASDAQ:NVAX   Novavax, Inc
A few days ago, NVAX gapped down 30 percent on a large earnings miss. This means that now NVAX is down over 87% from its ATH.

Why I think NVAX is a buy right now
The stock had a minor rally off a long term support level extending to 2020, and has higher lows than during the previous rally off this support level . It is trading at a heavily discounted price/sales of 2.55, far below its peak p/s at 249.16. There is a large upside, with the nearest strong resistance level roughly 50% above the current price.

I'm buying in at around 42.2 with a high risk reward ratio. I'll be targeting a roughly 20% return with a 5% stop.
Comment: I added to my position on today's 6.18% dip, but will stay careful for the possibility of a collapse through support
Trade closed: stop reached: Today the stock fell well below my support level, so I'm selling to cut losses.


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