The adolescent Covid-19 vaccine market promises to be the next growth catalyst for biotechs, and Novavax (NASDAQ:NVAX) wants the first-movers advantage with its protein-based Covid-19 vaccine Nuvaxovid, pushing NVAX stock.

It has requested to expand the conditional marketing authorization (CMA) for Nuvaxovid for adolescents in the (European Union) EU aged 12 through 17 years. It already has a CMA in the EU for people aged 18 years and older. CMA is essentially a tool used to quickly approve a medicine that could fulfill an unmet medical need.

Novavax’s submission relates to the data from its phase 3 trial called PREVENT-19, where over 2,000 adolescents took part across 73 sites in the United States. Moreover, the biotech states that its vaccine had shown an incredible 80% efficacy when delta had engulfed the U.S.

Novavax is on the move in what could be a penultimate year for its business. Though late to the coronavirus vaccine race, it’s now looking to ramp up production and expand into various markets. Despite Nuvaxovid getting its approval in more than 35 countries, the U.S. Food and Drug Administration (FDA) still hasn’t given it the green signal. Moreover, uptake in Europe has been far from desirable.

Therefore, the risks remain with Novavax as it looks to generate $4 billion to $5 billion in sales this year. Considering its limited manufacturing capabilities in India, its aspirations seem far-fetched at this point. However, its expansion into the adolescent Covid-19 vaccine market could give NVAX stock the edge over its peers. Nevertheless, it’s best to tread with caution as the going is likely to be tough for Novavax.

On the date of publication, Muslim Farooque 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