Novavax’s (NYSE:NVAX) protein-based COVID-19 vaccine has been found to be less effective than rival mRNA-based vaccines, according to a preprint on medRxiv led by epidemiologist Bette Liu of the University of New South Wales. Shares plummeted 8.28% at market close, Tuesday.
A study conducted by a group of Australian scientists involved an Australian adult cohort that received primary or booster doses of COVID vaccines from Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA), Novavax, and AstraZeneca (NASDAQ:AZN) between March and May this year. During this period, the Omicron BA.1 and BA.2 subvariants were at their peak.
The rate of infection, as determined from PCR testing, was found to be around 49% after the primary dose and 50% after the third booster dose of Pfizer’s vaccine. Additionally, the primary dose of Moderna’s vaccine brought the infection rate to 45%, and the third dose brought it to 48%. On the other hand, after the primary dose of Novavax’s vaccine, the rate went up to 53%, while the booster dose increased the rate to 58%.
However, the study is yet to undergo peer review, and researchers have suggested further studies to support the findings.
Novavax’s COVID vaccine was approved in Australia early this year, and its booster shots were authorized for adults in June.
What is NVAX Stock’s New Price Target?
The average price target of NVAX stock on Wall Street is $62.33, which indicates a remarkable 603.5% growth in the next 12 months. Moreover, a consensus rating of Moderate Buy based on two Buys and one Sell is also worth considering.
Special end-of-year offer: Access TipRanks Premium tools for an all-time low price! Click to learn more.
