What Is Fueling Novavax Stock Gain?

Shares of Novavax, Inc. (NVAX) gained over 5% on Monday morning after the biotechnology company and its manufacturing partner Serum Institute of India Pvt. Ltd.'s COVID-19 vaccine NVX-CoV2373 received emergency use authorization in Indonesia.

NVAX is currently trading at $156.60, up $7.77 or 5.22%, on the Nasdaq. The stock has traded between $76.59 and $331.68 in the 52-week period. The stock has nearly doubled in that time frame.

The vaccine will be marketed by the Serum Institute in Indonesia, the world's fourth-most-populous country, under the brand name Covovax. NVX-CoV2373 is Novavax' recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant.

"This is a landmark moment for Novavax and our partner, Serum Institute of India, and it is the first of many authorizations that Novavax expects in the coming weeks and months for our vaccine globally," Novavax President and CEO Stanley Erck said in a statement.

It's the first protein-based Covid-19 vaccine to receive authorization anywhere "based on phase 3 clinical data demonstrating efficacy and a favorable safety profile," Erck added.

The company also announced that it completed the rolling submission to Health Canada for authorization of NVX-CoV2373. In addition, the company has completed the submission of all data and modules to the European Medicines Agency to support the final regulatory review of its dossier.

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