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Stock Alert: Novavax Up 5% On Extended COVID-19 Vaccine Deal

Shares of Novavax, Inc. (NVAX)) are rising more than 5 percent or $5.51 in Tuesday's morning trade at $111.32.

Tuesday, Novavax said it has amended its existing agreement with Serum Institute of India Pvt. Ltd. or SIIPL, under which the latter will also manufacture the antigen component of Novavax' COVID-19 vaccine candidate, NVX-CoV2373. The agreement expands Novavax partnership with the world's largest vaccine developer to increase global delivery of NVX-CoV2373.

With this deal, Novavax has increased its global manufacturing capacity of NVX-CoV2373 to over two billion doses annually, when all planned capacity has been brought online by mid-2021.

Novavax has traded in a range of $3.54 to $189.40 in the past 52 weeks.

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