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Tuesday, June 6, 2023

Novavax, Inc. (NVAX) Stock on a Rally, Here’s the Reason

Novavax, Inc. (NVAX), a biotechnology company, has surged 9.51% in the premarket trading session. As a result, NVAX stock is trading at $237.98 at the time of the writing. On Friday, NVAX stock closed the day at $217.32 after soaring 11.49% during the regular trading session. The consistent surge has come after the company’s COVID shot got the nod of approval from WHO.

Why NVAX Surging?

On Friday, NVAX announced that World Health Organization has issued an emergency use listing to Covovax, Novovax’s COVID-19 vaccine developed by Serum Institute of India. The vaccine is part of the COVAX facility portfolio. It requires two doses and is stable at temperatures of 2 to 8 degrees Celsius. The vaccine uses a new platform. The originator product of the vaccine, namely Nuvaxovid, is under study by the European Medicines Agency (EMA). WHO has said that it would complete the assessment of the vaccine once EMA would issue its recommendations regarding the subject.

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Q3 2021 Operational Results

In early November, NVAX released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated total revenue of $179 million against $157 million for the same period of 2020. The total expenses bore by the company during the period were $486 million against $351 million for the same period of 2020. The net loss suffered by the company during the three months was $322 million (or $4.31 per basic and diluted share) against $197 million (or $3.21 per basic and diluted share) for the same period of 2020.

Executive Commentary

Stanley C. Erck, President and Chief Executive Officer of NVAX, while commenting on the results said that the company is excited by the significant growth it has made over the quarter. That includes the landmark milestones of achieving the first regulatory approval for its COVID-19 vaccine. The company remains confident that its vaccine would serve as an important tool to fight COVID-19 in the years to come.

Future Outlook for NVAX

During the last month, NVAX stock has gained an increase of more than 18%. The increase could be attributed to the positive sentiments associated with the stock during the period in the form of developments related to its COVID shot. Looking ahead, the stock appears to be in a solid position as far as coming times are concerned.

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