Novavax Stock Is Rising After COVID-19 Vaccine Authorization
Novavax received authorization for its COVID-19 vaccine for emergency use in Indonesia and the stock has increased.
Nov. 1 2021, Published 2:42 p.m. ET
Novavax Inc. (NVAX) watched its stock climb more than 6.8 percent, according to MarketWatch, after announcing that it received authorization to issue its COVID-19 vaccine for emergency use in Indonesia. Novavax stock was trading at $181.60 on Oct. 1 and experienced a considerate dip in price on Oct. 20 and traded at $136.86.
On Nov. 1, the same day Novavax issued a press release related to its COVID-19 vaccine, the stock rose and was trading at $170.60 with frequent fluctuations. Where else is Novavax seeking authorization to issue its COVID-19 vaccine and how will its latest advancements impact the stock?
Novavax got the green light to launch its COVID-19 vaccine for emergency use in Indonesia.
As one of the leading biotech companies, Novavax is based in Gaithersburg, Md. The company is dedicated to improving health across the globe by discovering, developing, and commercializing the use of “innovative vaccines,” according to Novavax’s website.
On Nov. 1, Novavax announced that it and its partner, Serum Institute of India Pvt. Ltd. (SII), received permission from the National Agency of Drug and Food Control of the Republic of Indonesia to issue its COVID-19 vaccine for emergency use in Indonesia.
The company stated that the Novavax recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant would be manufactured and marketed by SII.
Noravax CEO and President Stanley C. Erck explained that “this marks the first regulatory authorization worldwide of a protein-based COVID-19 vaccine based on Phase 3 clinical data demonstrating efficacy and a favorable safety profile.”
Noravax’s COVID-19 vaccine will be marketed as COVOVAX.
Where else is Novavax seeking authorization to issue COVOVAX?
On Oct. 27, Novavax requested authorization for use of its COVID-19 vaccine in the United Kingdom. After concluding clinical trials involving 15,000 volunteers in the U.K., Novavax announced that its tests had “demonstrated efficacy of 96.4 percent against the original virus strain, 86.3 percent against the Alpha (B.1.1.7) variant, and 89.7 percent efficacy overall.”
The company also filed for provisional approval for use of COVOVAX in Australia. The latest request was filed on Nov. 1 with Health Canada but it hasn't received approval yet. Novavax reported that it had also submitted “all modules required for regulatory review” for the European Medicines Agency.
Novavax is put off filing for U.S. approval of its COVID-19 vaccine until the end of 2021 and plans to seek approval in Japan sometime next year.
What does Novavax’s COVID-19 vaccine mean for its stock?
After announcing the rollout of its new protein-based COVID-19 vaccine, COVOVAX, in Indonesia, Novavax stock started to increase. The stock was doing particularly well in September 2021 and reached $270.58 on Sept. 7. Novavax stock stayed well above $200 until October 2021.
On Oct. 24, the stock plummeted to $134.65, which was one of the lowest points it reached in 2021. It appears that Novavax stock has gained some traction after the company announced that COVOVAX was authorized for emergency use in Indonesia. With the need for more COVID-19 vaccines becoming apparent, it might be time to consider investing in Novavax stock.
Moderna Inc. (MRNA) showed significant growth in its stock price after the Moderna COVID-19 vaccine was authorized for emergency use in December 2020. The company watched its stock rise from $127.03 on November 27, 2020, to $331.16 on November 1, 2021.
