It’s been an exciting few days for the developer of the coronavirus vaccine Novavax, Inc. (NASDAQ: NVAX), as the continuous flow of news about vaccines pushes stocks to new peaks.
The breathtaking race of Novavax: Novavax was among the best performing stocks in 2020, gaining about 2,700%.
The shares came under pressure in the second half of 2020 amid delays in starting late-stage testing in the U.S. and Mexico, insider sales and rival vaccine approvals.
With the company putting its vaccine program on track, stocks began to regain some of the momentum lost in late 2020.
The stock, which was blocked in the $ 120- $ 130 range for much of January, took a giant leap of faith on January 29, with the catalyst being the release of Interim Phase 3 data from the UK study.
Novavax gained about 65% in a single session before closing at $ 220.94.
The actions were strengthened in the next sessions amid updates to the company’s vaccine program.
Vaccine program advances rapidly: The leg of the UK Phase 3 study showed that NVX-CoV2373 was 89.3% effective in preventing COVID-19, the disease caused by SARS-CoV-2.
The experimental vaccine was also found to be effective against the emerging South African variant, although the effectiveness was less.
Related link: Attention, biotechnology investors: Mark your PDUFA February dates on your calendar
Novavax announced on Tuesday the signing of a memorandum with the Canadian government to produce NVX-CoV2373 in Canada. The company has a contract to supply up to 76 million doses of the vaccine to Canada.
On Wednesday, the company announced an agreement to supply the Swiss government with 6 million doses of the candidate vaccine.
At the end of Thursday, Novavax confirmed the start of the continuous review with drug regulatory agencies in the US, EU, UK and Canada.
What lies ahead for Novavax: Completion of ongoing tests in the US, UK and South Africa will provide a complete data set for review by regulatory agencies. Much of the data will be released in the first quarter, paving the way for approval for potential emergency use.
The company’s candidate vaccine has a logistical advantage as it can be shipped using the existing vaccine supply chain channels.
The ready-to-use liquid formulation of NVX-CoV2373, which is stable under refrigeration conditions, gives it a distinct logistical advantage.
The company has manufacturing and supply businesses in eight geographies around the world and expects to have an annual capacity of more than 2 billion doses.
Given these catalysts in the short term, a new run in stocks cannot be ruled out.
NVAX price action: At the last check, Novavax’s shares were jumping 5.11% to $ 295.27.
Related link: The next week in biotechnology: Merck, Pfizer In Earnings Mix, Plus Adamas, Mallinckrodt FDA Decisions, IPOs and More
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.