Novavax (NVAX) shares are soaring 7.11% in pre-market trading on Monday, outperforming the broader pharmaceutical sector amid a volatile reaction to President Donald Trump's planned executive order on drug pricing. The stock's robust performance comes despite initial concerns that had sent many pharma stocks lower earlier in the session.

The unexpected surge in Novavax's stock price follows a turbulent morning for the pharmaceutical industry. President Trump announced his intention to sign an executive order aimed at slashing prescription drug prices by up to 59%. This news initially triggered a sell-off in pharma stocks during early pre-market trading, with several major players experiencing significant drops.

However, as the morning progressed, the sentiment shifted dramatically. Novavax led a reversal in the sector, with its shares climbing over 7%. Other pharmaceutical companies also saw their stocks recover, with Moderna and Gilead Sciences up 5%, Merck up 4%, and Pfizer and BioNTech up 3%. This turnaround suggests that investors may be reevaluating the potential impact of the proposed drug pricing measures or identifying potential opportunities within the changing landscape.

While the exact reasons for Novavax's outperformance remain unclear, it's possible that investors see the company as potentially less affected by the proposed pricing changes, or they may be focusing on other aspects of Novavax's business prospects. As the market digests the implications of Trump's announcement, traders will be closely watching how Novavax and other pharmaceutical stocks perform throughout the trading session.