Novavax, Inc. (NASDAQ: NVAX) and Serum Institute of India Pvt. Ltd. (SII) revealed that Novavax’s recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant (NVX-CoV2373) has been authorized by the Thailand Food and Drug Administration (Thai FDA) for emergency use. The vaccine is allowed to be used in individuals aged 18 years or above for immunization to prevent COVID-19.
Following the update, shares of the biotech company rose 1.9% to close at $60.63 on Friday.
The vaccine will be manufactured and marketed by SII under the brand name Covovax. SII is the world’s largest vaccine manufacturer by volume.
The regulator’s decision was based on two Phase 3 clinical trials, which reflected that the protein-based COVID-19 vaccine has a favorable efficacy and safety profile. The first trial, PREVENT-19, included 30,000 participants aged 18 years and above in the U.S. and Mexico, while the second trial enrolled around 15,000 individuals in the UK.
Novavax CEO Stanley C. Erck commented, “Novavax looks forward to delivery of the first protein-based COVID-19 vaccine option for the people of Thailand. We remain committed to helping fight the global pandemic by offering an additional vaccination option built on a well-understood platform used in other vaccines for decades.”
Novavax and SII received Emergency Use Authorization (EUA) for the vaccine in Indonesia, India, Bangladesh, and the Philippines, along with Emergency Use Listing (EUL) with the World Health Organization (WHO). India has also authorized the vaccine for use in adolescents between greater than equal to 12 year-olds and less than 18 year-olds.
However, the U.S. Food and Drug Administration (FDA) has not yet authorized NVX-CoV2373 in the U.S.
Recently, B.Riley Financial analyst Mayank Mamtani reiterated a Buy rating on Novavax and a price target of $250 (312.34% upside potential).
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on five Buys and two Holds. The average Novavax price target of $179.86 implies 196.65% upside potential. Shares have lost 65.48% over the past year.
Bloggers Weigh In
Bloggers seem enthused by the company’s positive clinical development. TipRanks data shows that financial blogger opinions are 76% Bullish on NVAX, compared to a sector average of 71%.
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