Why Novavax Shares Are Rising Today

Novavax Inc NVAX is trading higher Monday after the company submitted a request to the U.S Food and Drug Administration for Emergency Use Authorization of its COVID-19 vaccine, NVX-CoV2373.

Novavax's submission includes the results from two large pivotal clinical trials which demonstrated approximately 90% overall efficacy. In both trials, the vaccine demonstrated efficacy with a reassuring safety profile, according to the company.

"We believe our vaccine offers a differentiated option built on a well-understood protein-based vaccine platform that can be an alternative to the portfolio of available vaccines to help fight the COVID-19 pandemic," said Stanley Erck, president and CEO of Novavax.

NVX-CoV2373 has been granted conditional authorization by multiple regulatory agencies worldwide, including the European Commission, as well as emergency use listing from the World Health Organization, with additional filings currently under review. 

Novavax is a biotechnology company that works in the clinical stage of development with a focus on delivering novel products that prevent a broad range of diseases.

See Also: Why Moderna Shares Are Rising Today

NVAX Price Action: Novavax has traded as low as $66.38 and as high as $331.68 over a 52-week period.

The stock was up 8.23% at $89.80 at time of publication.

Photo: Maryland GovPics from Flickr.