The biotech business received encouraging news regarding its COVID-19 vaccine
Novavax Inc. (NVAX) rocketed higher on Tuesday, despite the market’s overall poor performance. At roughly 12:35 p.m., the stock was up 5.8% from the previous day’s closing. With an increase of roughly 1.9% to $56.55 at the close.
Meanwhile, the NASDAQ Composite (^IXIC) fell 220 points, or 1.9%, the S&P 500 (^GSPC) fell 46 points, or 1.2% and the Dow Jones Industrial Average (^DJI) fell 229 points on Tuesday, owing primarily to bad earnings reports from some large retailers.
The US Food and Drug Administration authorized NVAX’s COVID-19 immunization Nuvaxovid, two weeks ago. For emergency use authorization, contact the Food and Drug Administration (FDA). The two-dose vaccination was then overwhelmingly approved by the United States last week. Adults 18 and above on the Advisory Committee of the Centres for Disease Control.
On Tuesday, NVAX received more good news when the Japan Ministry of Health, Labour and Welfare (MHLW) approved Nuvaxovid for children aged 12 to 17 in Japan. The COVID-19 vaccination was licensed for people 18 and above in April.
Similarly, the Australian Therapeutic Goods Administration (TGA) approved Nuvaxovid for youths aged 12 to 17 on Tuesday. It had already authorized the adult vaccination in January.
The NVAX COVID-19 vaccine is just the fourth to receive U.S. approval. The vaccine was successful 90% of the time in phase 3 studies. In addition to the United States, around 40 additional nations have licensed the vaccination for adults as well.
The business has also created a booster injection that targets various coronavirus strains, although it has yet to be licensed in the United States. That booster should be approved before the winter season.
In terms of the company’s financials and prospects, NVAX will announce its second-quarter results report next week on August 4th.
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