Hot Stocks: VORB plunges; XERS gets approval; NVAX vaccine supply worries; PEP, KO set highs
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Wall Street ended a roaring 2021 with a whimper, with Friday's final day of the year ending with fractional losses. Stocks continued to hover just off their highs for the year, with the S&P 500 consolidating a gain of nearly 27% for the year.

Even with the major averages treading water during the session, a few stocks put in standout performances. Xeris (NASDAQ:XERS) expanded its value by more than a fifth on regulatory approval for its levoketoconazole product.
Elsewhere in the drug development world, Novavax (NASDAQ:NVAX) lost ground on worries that it won't be able to produce enough COVID vaccine in 2022 to reach the supply levels it has promised.
Meanwhile, Richard Branson's Virgin Orbit (NASDAQ:VORB) plunged in its second day as a public company.
Coca-Cola (NYSE:KO) and PepsiCo (NASDAQ:PEP) posted only modest gains on the session. Still, the famous cola rivals extended recent gains, capping off strong Decembers with fresh 52-week highs.

Standout Gainer

Xeris (XERS) jumped nearly 21% after it received U.S. regulatory approval for a treatment for a condition related to Cushing syndrome.
The company said the U.S. Food and Drug Administration approved its levoketoconazole product for a condition known as endogenous hypercortisolemia in adult patients with Cushingâs syndrome.
XERS advanced 50 cents to finish the session at $2.93. Shares reached a 52-week high of $7.94 in February but have lost ground steadily through the year, eventually touching a 52-week low of $1.77.
With Friday's advance, XERS recorded its highest close since August.

Standout Loser

Novavax (NVAX) lost ground on worries that it will be able to meet its COVID vaccine production targets in 2022. The news sent the stock tumbling nearly 8%.
According to a Politico story, two senior members of the Biden administration doubt if NVAX can meet its production objectives for low- and middle-income countries.
In other news, NVAX has submitted a data package to the FDA related to its COVID vaccine. At the same time, the company is waiting for word from European regulators, with a decision expected for sometime in January.

Notable New High

During 2021, technology firms took center stage. From EVs to FAANG stocks, the stellar gains were driven by companies dedicated to the cutting edge.
As the year came to a close, however, two stalwarts of traditional business quietly extended a series of highs they have set lately: Coca-Cola (KO) and PepsiCo (PEP).
KO ticked up 43 cents to close at $59.21. PEP advanced $1.04 to finish the session at $173.71. Both stocks have risen steadily in December, with PEP advancing 8% for the month and KO climbing 13%.


Notable New Low

A day after coming public via a SPAC deal, Richard Branson's space-satellite firm Virgin Orbit (VORB) suffered a massive sell-off. VORB declined 12% on the day.
VORB closed the day at $8.04, a decline of $1.10 on the day. Shares also touched an early post-SPAC low of $7.86.
VORB came public on Thursday after a SPAC deal with NextGen Acquisition Corp. II. With Friday's slide, shares are sitting nearly 17% below NextGen's closing price the day before it announced the original VORB deal in August.
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