Market News

Novavax’s COVID-19 Vaccine Gets Conditional Approval in the UK; Shares Jump 4.4%

Biotechnology company Novavax, Inc.’s (NASDAQ: NVAX) COVID-19 vaccine NVX-CoV2373 or Nuvaxovid has been granted conditional marketing authorization (CMA) by the U.K.’s Medicines and Healthcare products Regulatory Agency (MHRA) for use in adults.

Additionally, New Zealand Medicines and Medical Devices Safety Authority (Medsafe) has given provisional approval to Nuvaxovid for active immunization in adults.

Both the approvals are based on two pivotal Phase 3 clinical trials in which the vaccine demonstrated efficacy and reassuring safety and tolerability profile.

Initially, the Serum Institute of India will supply the vaccine to New Zealand.

Novavax plans to supplement the provisional approval, received in New Zealand, with data from additional manufacturing facilities in its supply chain.

The company had earlier announced that it has an agreement with the U.K. Vaccines Taskforce to supply up to 60 million doses of the vaccine. It had also revealed an advance purchase agreement with the New Zealand government for 10.7 million doses of Nuvaxovid.

About Novavax

Maryland-based Novavax develops, manufactures and sells next-generation vaccines for serious infectious diseases.

NVX-CoV2373 has provisional registration in Australia, conditional marketing authorization in the EU, and has received an emergency use listing (EUL) from the WHO. It is also being reviewed by several regulatory agencies across the world, including the U.S. FDA.

Following both the announcements after the market closed on Thursday, NVAX stock jumped 4.4% to end the day at $92.37.

Wall Street’s Take

Recently, B.Riley Financial analyst Mayank Mamtani maintained a Buy rating on the stock with a price target of $315 (256% upside potential).

Last month, Georgi Yordanov of Cowen & Co. initiated coverage of Novavax with a Buy rating and $150 price target (69.5% upside potential).

In a research note to investors, Yordanov said, “The company is entering the competitive COVID-19 vaccine market with a differentiated profile and improved tolerability compared to the mRNA options.”

Overall, the stock has a Strong Buy consensus rating based on 4 Buys and 1 Hold. The average NVAX price target of $243.60 implies 175.3% upside potential. Shares have lost 59.3% over the past six months.

Blogger Opinions

TipRanks data shows that financial blogger opinions are 73% Bullish on Novavax, compared to the sector average of 70%.

Download the TipRanks mobile app now.

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Related News:
Lightning eMotors to Electrify GM’s Medium-Duty Truck Platforms
BCE Q4 Profit Falls, Dividend Rises
Cognizant Dips 2% Despite Strong Q4 Results

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More