Novavax Shares Rebound Amid Coronavirus Vaccine Update

Novavax, Inc. NVAX shares headed higher Tuesday, reversing Monday's losses.

What Happened? Presenting at the 2nd International Society for Vaccines Virtual Congress, Gregory Glenn, President of R&D at Novavax suggested clinical trial results will include both antibody and T-cell responses from the study of NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19 disease, Evaluate reported.

The company is testing 5mcg and 25mcg doses in an early-stage study, and the 5mcg dose is likely to be the clinical dose which is to be evaluated in future studies, Bloomberg Law reported.

Novavax's announcement Monday regarding the presentation had raised expectations that the interim Phase 1/2 data, scheduled for July, could be released.

Although the company confirmed the timeline for the readout in the presentation, it merely discussed preclinical data related to NVX CoV2373.

Related Link: 5 Coronavirus Stock Valuations Surging During The Pandemic

What Next? With the frontrunners in the coronavirus race, including Moderna Inc MRNA, AstraZeneca plc AZN/Oxford University and Pfizer Inc. PFE/BioNTech SE – ADR BNTX, having released promising data, the spotlight now turns to Novavax.

The company has secured massive funding for its vaccine program. The federal government has agreed to a $1.6 billion financing through its Operations Warp Speed project. Ahead of it, the Coalition for Epidemic Preparedness committed to $388 million.

Novavax shares have run up sharply, catalyzed by its vaccine program. The Phase 1/2 readout due this month will shed some light on the potential success of the vaccine as well as the sustainability of the stock gain.

At last check, Novavax shares were rising 3.55% to $143.40.