Novavax’s stock rallies after its COVID-19 vaccine is granted EUA in India – MarketWatch

Shares of Novavax Inc. NVAX, +1.73% hiked up 2.9% in morning trading Tuesday, after the Maryland-based biotechnology company and vaccine manufacture Serum Institute of India Pvt. Ltd. said Novavax's protein-based COVID-19 vaccine, Covovax, has been granted Emergency Use Authorization (EUA) in India by the Drugs Controller General of India. The vaccine will be made and marketed in India by Serum. Novavax's vaccine has previously received EUA in Indonesia and the Philippines, has received Emergency Use Listing with the World Health Organization and has been granted Conditional Marketing Authorization by the European Commission under the name Nuvaxovid. Novavax expects to submit a complete package to the U.S. Food and Drug Administration for its vaccine by the end of the year. "The approval of Covovax in India marks a significant milestone in strengthening our immunization efforts across India and LMICs [low-to-middle-income countries]," said Serum Chief Executive Adar Poonawalla. "We are proud to deliver a protein-based COVID-19 vaccine, based on Phase 3 clinical data demonstrating more than 90% efficacy and a favorable safety profile, to our nation." Novavax's stock has shed 20.7% over the past three months, while the iShares Biotechnology ETF IBB, -0.34% has lost 5.1% and the S&P 500 SPX, +0.07% has gained 10.3%.

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Novavax's stock rallies after its COVID-19 vaccine is granted EUA in India - MarketWatch