Why Novavax Stock Is Trading Higher Tuesday

Novavax Inc NVAX shares are trading higher Tuesday after the company said its updated COVID-19 vaccine generated neutralizing antibody responses to the EG.5.1 and XBB.1.16.6 subvariants.

What To Know: Several vaccine makers traded higher Monday as reported cases and hospitalizations related to new COVID variants continued to rise. Novavax was among the stocks moving. NVAX shares closed Monday up 13%. 

In new small animal and non-human primate studies, Novavax said its updated vaccine induced neutralizing antibody responses to the new variants. 

"Our data have shown that Novavax's protein-based COVID vaccine induces broadly neutralizing responses against XBB subvariants, including EG.5.1 and XBB.1.16.6," said Filip Dubovsky, president of research and development at Novavax.

"We have a lot of confidence in our updated COVID vaccine and are working diligently with global regulatory bodies to ensure our protein-based vaccine is available this fall."

Novavax noted that non-clinical data previously showed that its COVID vaccine candidate induced functional immune responses for the XBB.1.5, XBB.1.16 and XBB.2.3 variants. The company is in the process of submitting applications for its XBB.1.5 COVID vaccine candidate to regulatory authorities.

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NVAX Price Action: Novavax shares were up 5.7% at $8.54 at the time of publication, according to Benzinga Pro.

Photo: Jernej Furman from Flickr.