Here's Why Novavax Shares Are Trading Higher

Novavax, Inc. NVAX shares are trading higher by 2.80% to $41.47, though off the session high of $43.06 after the company announced its Novaxovid COVID-19 vaccine has been approved in South Korea for use in adolescents aged 12 through 17.

What Happened?

Novavax says the approval was based on data from the ongoing pediatric expansion of the Phase 3 PREVENT-19 trial of 2,247 adolescents aged 12 through 17 years across 73 sites in the U.S., to evaluate the safety, effectiveness (immunogenicity), and efficacy of Nuvaxovid.

In the trial, Novavax says Nuvaxovid achieved its primary effectiveness endpoint and demonstrated 80% clinical efficacy overall at a time when the Delta variant was the predominant circulating SARS-CoV-2 strain in the U.S.

What Else?

"Today's approval in South Korea is an important step in ensuring broad global access to a protein-based vaccine option," said Stanley C. Erck, President and Chief Executive Officer, Novavax.

"We are pleased to collaborate with SK bioscience to offer our vaccine to adolescents aged 12 through 17 in South Korea."

According to data from Benzinga Pro, Novavax has a 52-week high of $277.80 and a 52-week low of $34.88.