The Food and Drug Administration signed off on Novavax's updated Covid booster late Tuesday, and NVAX stock surged just before the close.
Novavax expects doses to be available "at thousands of locations" in the coming days. Specifically, the agency signed off on Novavax's shot for people age 12 and older. The company updated the vaccine to tackle the XBB.1.5 subvariant of omicron. Today, that variant accounts for a single-digit percentage of sequenced cases in the U.S., but the company says it has shown promise in lab testing against other strains.
Novavax uses a different protein-based technology compared with messenger RNA vaccines from Pfizer — which produces the jab along with partner BioNTech — as well as that of Moderna.
The companies' updated vaccines gained FDA approval last month. But supplies have been limited, according to multiple reports. Moderna said about two weeks ago that it is shipping additional supply every day "as we continue to see high demand."
In after-hours trading on today's stock market, NVAX stock sank a fraction. Shares jumped 8.2% after the FDA announcement and just prior to the close, climbing to 7.67. Shares of Pfizer, BioNTech and Moderna were muted in late action.
Follow Alison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
