Why Novavax Stock Gained Today

What happened

The coronavirus may not be the threat it once was, and Novavax (NASDAQ: NVAX) may be considered a latecomer in the great race for COVID-19 vaccines, but the stock certainly has plenty of believers. That was highlighted on Monday, as the vaccine developer’s stock price posted a 2% gain, thanks to not one but two new regulatory filings.

So what

The larger of these two filings was with the US Food and Drug Administration (FDA). Novavax’s cash product of the moment, its coronavirus vaccine Nuvaxovid, was granted an emergency use authorization (EUA) from the US regulator last month. This EUA was granted for the initial two jab regimen; Monday’s submission was for a recall in adults 18 and older.

Novavax was also busy with paperwork across the Pacific Ocean. The company also announced that day that it had filed an expanded use authorization application with the Taiwan FDA to cover adolescents ages 12 to 17. Obtaining such authorization would not be a first for Novavax; shooting is already licensed for use among this demographic elsewhere in the region, particularly in Thailand, Australia, India and Japan. Further abroad, it is allowed for this age group in the 27-country European Union.

In June, Taiwan’s FDA granted clearance for Nuvaxovid to be given to adults in the island nation.

Now what

For any vaccine, coronavirus or otherwise, a key goal is to receive clearance – or, if possible, full approval – in as many jurisdictions as possible. Novavax is doing a great job getting its green light around the world and in the most populous countries/unions. Still, the great growth story of COVID vaccines is largely over, hence the rather subdued market reaction to the two otherwise encouraging pieces of news from the company.

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Eric Volkman has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.

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