Swiss officials authorized Novavax's Covid vaccine for conditional use on Wednesday, and NVAX stock popped — though shares still remain below their key moving lines.
The authorization further expands use of Novavax's protein-based Covid shot. Today, the inoculation known as Nuvaxovid is allowed in a bevy of geographies including Europe and is under consideration in the U.S. The shot relies on older technology and could pull in those resistant to messenger RNA shots from Pfizer and Moderna.
"We are proud that Switzerland is part of the growing list of countries to authorize Nuvaxovid and that people in Switzerland will have a protein-based Covid-19 vaccine option," Chief Executive Stanley Erck said in a written statement.
On today's stock market, NVAX stock jumped 7% to 62.17.
NVAX Stock: Reaching Vaccine Hesitant
The authorization is based on studies of about 45,000 adults in the U.S., Mexico and U.K. In both tests, the vaccine was effective and tolerable, Novavax said in a news release. The most common side effects were headache, nausea or vomiting, muscle pain, joint pain, injection site pain, fatigue and malaise.
Nuvaxovid prods the body to create an antigen found on the coronavirus' spike protein, generating an immune response. It differs from messenger RNA vaccines, which trigger the immune system by making a single spike protein. Those shots have been tied to heart inflammation in boys and young men.
Novavax previously signed a deal with Swiss authorities for up to 6 million doses of Nuvaxovid.
Novavax previously guided to at least $4 billion in full-year sales of its Covid vaccine. But that number could change as the company adds on new authorizations. NVAX stock analysts currently call for $4.49 billion in full-year sales, with the Covid shot accounting for roughly $3.5 billion of that.
Lowly Rated Biotech Stock
Despite the strong pop Wednesday, NVAX stock remains below its 50-day and 200-day moving lines, MarketSmith.com shows. Shares peaked in December and have since trended down.
Today, Novavax stock has single-digit ratings across the board, according to IBD Digital.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
