Biotech firm Novavax, Inc. (NASDAQ: NVAX) has posted positive results from its PREVENT-19 pivotal Phase 3 trial of the vaccine candidate, NVX-CoV2373, in the pediatric population. The analysis included 2,247 participants aged 12 to 17 across 73 locations in the United States.
Following the news, shares of the company rose more than 1% in the extended trading session on Thursday after closing 3.8% lower on the day.
The study was designed to evaluate the safety, effectiveness (immunogenicity), and efficacy of the vaccine in the pediatric population, and it achieved its effective primary endpoint. Additionally, it demonstrated 80% clinical efficacy against the Delta variant and a well-tolerated profile with no safety signals identified.
Novavax CMO Filip Dubovsky commented, “We are encouraged by the results in this adolescent population given the ongoing need for alternative vaccine options for COVID-19. We believe the Novavax vaccine offers a differentiated technology and option for this younger population given its established protein-based technology already used in other vaccines, and the positive responses demonstrated against variants.”
NVX-CoV2373 is yet to be authorized for the adolescent population. It is expected that regulatory filings for a pediatric indication in adolescents aged 12 to 17 will be submitted by Novavax globally during the first quarter of 2022. Additionally, in Q2 2022, Novavax is likely to commence additional studies globally to evaluate younger age groups.
Wall Street’s Take
Recently, B.Riley Financial analyst Mayank Mamtani maintained a Buy rating on the stock and a price target of $315 (257.95% upside potential).
Consensus among analysts is a Strong Buy based on 4 Buys versus 1 Hold. The average Novavax price target of $243.60 implies 176.82% upside potential. However, shares have lost 29.1% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 72% Bullish on NVAX, compared to a sector average of 70%.
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