Novavax, Inc. (NASDAQ:NVAX) shares headed higher Tuesday, reversing Monday's losses.
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.
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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.
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