Novavax Up 11% On Receiving Authorization For Covovax In India

Shares of vaccine maker Novavax Inc. (NVAX) are climbing 11 percent on Tuesday's trading after the Drugs Controller General of India granted emergency use authorization for the company's recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant. The vaccine will be manufactured and marketed in India by Serum Institute of India Pvt. Ltd or SII under the brand name Covovax, the company said in a statement.

Covovax /Recombinant Spike Protein of SARS-CoV-2 Virus 5 microgram will induce immunity against SARS-CoV-2 to prevent COVID-19 for adults aged 18 years old and above.

Currently at $171.22, the stock has traded between $109.01 and $331.68 during the past 52 weeks.

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