Share of Novax (Nasdaq stock code: NVAX) It was up 6.3% at 10:56 am Eastern Time on Monday and up 9.7% earlier in the day. After the biotech company updated its COVID-19 vaccine development progress before the market opened, it has achieved gratifying growth.
Novavax said that its late-stage study in the UK and the Phase 2b study of the coronavirus vaccine candidate NVX-CoV2373 in South Africa have completed registration. The company also stated that its late-stage research in the US/Mexico is “expected to begin in the next few weeks.” Novavax has previously stated that the research will begin in November.
You might think that the biotech stock will fall after announcing the postponement of the later research on the US NVX-CoV2373. This is what happened initially. On Monday morning, Novavax’s stock price fell nearly 6%. However, this loss was reversed as investors believed the company’s prospects were broad.
If NVX-CoV2373 proves to be safe and effective, it will not make much difference to delay the start of the US/Mexico post-study for several weeks. Currently, there are no red flags that cause concern.
Investors may also recognize the importance of the good news that Novavax announced today. The company expects to report mid-term data from a late-stage study of NVX-CoV2373 in the UK as early as the first quarter of 2021. Although the exact timing of the report depends on the overall incidence of COVID-19 in the UK, the number of people in the area is increasing, so the announcement should be announced soon, which is a good sign.
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The next important milestone for Novavax will be the start of its late-stage research on NVX-CoV2373 in the US/Mexico. It sounds like this study may start in December, although the decision depends on the Food and Drug Administration. Novavax said that more than 100 test sites have been selected in the United States and Mexico.