Novavax (NASDAQ:NVAX) is an inescapable biotech play at this point. The vaccine developer is keeping its head up, even after fumbling multiple times on obtaining approval for use in the U.S. Rather than sticking to the status quo, though, NVAX stock is on the upswing today. A big filing for use abroad is catalyzing the big gains, as is a promising development on the clinical trial end of business.
The company announced this morning its filing with the World Health Organization (WHO) for an emergency use listing. This filing will allow Novavax to send its vaccine to countries in dire need of shots. If approved, it will vastly accelerate the distribution of vaccines to countries that don’t have the means to produce their own.
This announcement stands as a point of optimism for NVAX bulls after a tumultuous summer. The company’s filing for FDA approvals have been delayed, and the company recently failed to file for approval once again, instead deferring until the fourth quarter to seek the green light. While it has had no luck in the U.S., the company is seeking approval also in India, Malaysia, the Philippines and with the European Union.
NVAX Stock Bumps Upward With Optimistic News
While it waits for approval, the company is also flexing its efficacy against the alpha variant of the novel coronavirus. An article published in the New England Journal of Medicine is making known some welcome findings regarding the vaccine. Data from a clinical trial on the Novavax vaccine, conducted in the U.K., is surfacing in the report. It found that Novavax’s product is nearly 90% effective at treating the variant. Alpha was first discovered in the U.K., and it has since traveled to other nations including Israel, where it makes up a majority of cases.
The pair of stories is allowing NVAX stock to lift itself upward on Wall Street this morning. NVAX is rising 12% on the news going into the afternoon. Additionally, the stock is trading at above-average volumes as we get into the latter half of the trading session. More than 5 million shares of the stock are trading hands today against a daily average of 4.8 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.