Why Novavax Stock Is Trading Higher Today

Novavax Inc NVAX shares are trading higher Wednesday after a committee of independent U.S. Food and Drug Administration (FDA) vaccine advisors voted to recommend Novavax's COVID-19 vaccine for Emergency Use Authorization (EUA).

The FDA Vaccines and Related Biological Products Advisory Committee voted 21 to 0, with one abstention to recommend EUA for NVX-CoV2373 in individuals aged 18 years and older. 

"The advisory committee's positive recommendation acknowledges the strength of our data and the importance of a protein-based COVID-19 vaccine developed using an innovative approach to traditional vaccine technology," said Stanley Erck, president and CEO of Novavax.

The FDA considers the recommendations of the independent advisory committee when making decisions on EUA. The Novavax COVID-19 vaccine has been authorized for use in more than 40 countries. It would be the fourth COVID-19 vaccine to receive authorization in the U.S. 

According to reports, the FDA could clear Novavax's vaccine for distribution in the U.S. as soon as this week.

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Cantor Fitzgerald analyst Charles Duncan maintained Novavax with an Overweight rating and raised the price target from $146 to $168 following the committee's recommendation.

NVAX Price Action: Novavax shares have traded between $41.10 and $277.79 over a 52-week period.

The stock was up 8.12% at $51.40 at press time, according to data from Benzinga Pro.

Photo: Jernej Furman from Flickr.