Novavax Receives FDA Emergency Use Authorization for Updated Covid-19 Vaccine
Novavax Inc (NVAX) shares experienced a significant surge in value on Tuesday after the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization for the company’s updated Covid-19 vaccine. The authorized vaccine, called Adjuvanted (2023-2024 Formula), is designed to prevent Covid-19 in individuals aged 12 and older.
What Investors Should Know
The FDA has approved Novavax’s protein-based Covid-19 vaccine, making it available for emergency use in individuals 12 years of age and older, according to Reuters. This clearance comes shortly after the FDA’s approval of updated vaccines from Moderna Inc (MRNA) and the Pfizer Inc (PFE) and BioNTech SE (BNTX) collaboration for use in the fall. These vaccines are expected to provide protection against the current strains of Covid-19.
A Closer Look at the Novavax Vaccine
The Novavax vaccine utilizes an older technology compared to the messenger RNA vaccines. While mRNA vaccines have gained attention due to their successful development by companies like Moderna and Pfizer/BioNTech, Novavax’s protein-based approach has also demonstrated promising results.
The Current State of the Covid-19 Pandemic
According to the Centers for Disease Control and Prevention (CDC), there have been over 1.1 million Covid-related deaths and more than 6.3 million hospitalizations in the United States alone. Globally, the World Health Organization (WHO) has reported a staggering 770 million confirmed cases and nearly 7 million deaths as of September 27.
Novavax Stock Performance
Novavax shares currently stand at $8.05, having increased by 13.3% at the time of publication, as reported by Benzinga Pro.