Novavax (NVAX) 20% Higher As it Starts Phase 1 Coronavirus Vaccine
Shares of biotechnology firm Novavax (NVAX) trades 21% higher in premarket, after the announcement that it had begun human trials of its vaccine candidate with first results out possible in July. The coronavirus vaccine news boosted investors sentiment and push futures in Wall Street and stock markets in Europe at two-month highs.
Novavax began testing a coronavirus vaccine candidate into 131 volunteers in Australia with hopes of releasing a proven vaccine in 2020.
Novavax research chief Dr Gregory Glenn said that testing in animals suggested the coronavirus vaccine is effective in low doses. Novavax (NVAX) could manufacture at least 100 million doses in 2020 and 1.5 billion in 2021. Manufacture of the NVX-CoV2373 vaccine was funded with $388 million by Norway-based Coalition for Epidemic Preparedness Innovations since March.
The results of the first phase of clinical tests in Melbourne and Brisbane are expected to be known in July. Thousands of candidates in several countries would then become involved in a second phase.
There are many experimental coronavirus vaccines in early stages of testing around the world with Moderna’s vaccine showing promising results. It’s not clear that any will prove safe and useful. Many labs work in different ways and are made with different technologies, increasing the odds that at least one approach might succeed.
Novavax ended on Friday 7.91% lower at 46.11, but today in premarket is 18.52% higher at 54.65. Novavax capitalization stands at 2.67 billion having skyrocketed the market cap in 2020. The stock started in 2020 at $4.28 per share and has gained over 1.058%.