Why Novavax Stock Is Surging Today

Why Novavax Stock Is Surging Today

Novavax Inc NVAX shares are trading higher Tuesday as CDC advisers meet to discuss the company's COVID-19 vaccine. Novavax also announced agreements with SK bioscience for the manufacturing and supply of a version of the vaccine containing the Omicron variant.

The agreement covers the technology transfer of Novavax' proprietary COVID-19 variant antigen materials so that SK bioscience can manufacture the drug substance targeting COVID-19 variants including the Omicron BA.5 subvariant.

"Non-clinical data generated to date demonstrate that our COVID-19 vaccine offers broad immune responses including against circulating variants, such as Omicron BA.5," said Stanley Erck, president and CEO of Novavax.

In addition, the companies have signed an agreement to manufacture and supply the Novavax COVID-19 vaccine in prefilled syringes. SK bioscience will begin working on the manufacturing process for commercial supply of the vaccine in prefilled syringes in 2023. 

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NVAX Price Action: Novavax has traded between $277.79 and $34.88 over a 52-week period.

The stock was up 12.2% at $58.31 at press time, according to data from Benzinga Pro.

Photo: Maryland GovPics from Flickr.

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