Shares of Novavax (NASDAQ:NVAX) are set to extend their rally for a third day after President Joe Biden cited the biotech firm’s Covid-19 vaccine among those that the U.S. was planning to share with countries in need of aid. NVAX stock is up this morning after the shares surged 16% in Tuesday’s after-market trading.
“The problem is right now we have to make sure we have other vaccines like Novavax and others coming on, probably,” he said.
According to Reuters, U.S. Trade Representative Katherine Tai discussed increasing Covid-19 vaccine production in a virtual meeting on Tuesday with Novavax Executive Vice President John Trizzino, Tai’s office said in a statement.
“Ambassador Tai sought Mr. Trizzino’s views on steps Novavax is taking to quickly increase equitable production and distribution of vaccines in the United States and around the world,” the statement said.
NVAX Cited in Fauci Briefing
Between Biden’s comments and the trade representative’s meeting, Dr. Anthony Fauci mentioned Novavax in Tuesday’s press briefing by the White House Covid-19 Response Team.
Commenting on the vaccine efficacy against virus variants, Fauci named NVAX as one of the inoculations shown to cover the B117, or original United Kingdom variant of Covid-19. He also noted that the Novavax jab has shown 60% efficacy against the South African variant.
Novavax’s most well-known product in the pipeline is Covid-19 vaccine candidate, NVX-CoV2373.
With NVAX stock at more than $257 a share, it’s amazing to consider that a year ago, it was selling for less than $20 a piece. InvestorPlace analyst Louis Navellier earlier this week advised readers that NVAX stock holders “should stay the course as the vaccine specialist finds innovative ways to protect the public.”
Navellier noted that on Feb. 8, 2021, NVAX stock touched a 52-week high of $331.68. “If anything, it’s just evidence that the stock is capable of going much higher. As long as you find value in the company, there’s no reason to sell your shares if you have them — and you might even consider taking a new position or adding to an existing one.”
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News, McKinsey & Co. and McDonald & Company Investments.