Novavax Completes Data Submission to FDA for Emergency Use

Novavax, Inc. (NVAX) disclosed that it has submitted the final data package to bag emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for NVX-CoV2373, a recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant.

The biotechnology company expects to submit a request for EUA for the vaccine in the U.S. in one month. Also, Novavax seeks to support the submission with data from additional manufacturing sites across its global supply chain.

The President and CEO of Novavax, Stanley C. Erck, said, “Novavax is committed to delivering our protein-based vaccine in the United States, where the COVID-19 pandemic continues to evolve with the emergence of new variants, ongoing need to ensure primary vaccination for the eligible population, and need for boosting.”

Markedly, the company’s vaccine was recently authorized by the Drugs Controller General of India (DCGI) for emergency use.

Wall Street’s Take

Recently, B.Riley Financial analyst Mayank Mamtani maintained a Buy rating on Novavax with a price target of $305 (113.2% upside potential).

Consensus among analysts is a Strong Buy based on 4 Buys and 1 Hold. The average Novavax price target stands at $266 and implies upside potential of 85.9%. Shares of the company have gained 26.6% over the past year.

Positive Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Novavax, with 2.1% of investors on TipRanks increasing their exposure to NVAX stock over the past 30 days.

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