Why Novavax Shares Are Trading Higher Again

Novavax, Inc. NVAX shares are advancing yet again Monday on above-average volume, extending the recent momentum the shares have been experiencing.

Some of the optimism may be attributed to reports in the Canadian press that the company has quietly submitted an application to Health Canada for beginning a rolling review of NVX-CoV2373, its coronavirus vaccine candidate.

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This would expedite the review process, as the drug regulator can review data and supporting materials as and when they are submitted, rather than waiting for the whole data package to be tabled.

The news comes close on the heels of an announcement by Novavax that the Canadian government has committed to purchase 52 million doses of the vaccine, with an option for up to an additional 24 million doses.

Novavax shares gained about 65% Friday after it reported positive efficacy data from a late-stage trial carried out in the U.K.

At last check, Novavax shares were up 20.23% to $265.63.