Novavax Inc. (NVAX) shares declined 9.79% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $213.07 per share. In the regular trading session of Thursday, NVAX’s stock gained 5.54%. The stock volume remained 10.53 million shares, which was higher than the average daily volume of 4.43 million shares within the past 50 days. NVAX shares have risen 36.15% over the last 12 months, and they have moved up 28.37% in the past week. Over the past three months, the stock has gained 36.91%, while over the past six months, it has shed 15.92%.
Let’s have a look at its recent news and developments.
NVAX COVID-19 Vaccine Booster Data announcement
On August 5, 2021, Novavax, Inc. (NVAX) reported preliminary data demonstrating that a single booster dose of its recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M™ adjuvant, NVX-CoV2373, given six months after an initial two-dose regimen, elicited a 4.6-fold increase in functional antibody titers. Additionally, functional ACE-2 binding inhibition antibodies cross-reactive with the Delta (B.1.617.2) variant were more than 6-fold higher than the primary vaccination series. Complete data from the study will be submitted to a peer-review publication and posted to a preprint server.
NVAX & SII seeking emergency COVID-19 Vaccine authorization
On August 5, 2021, Novavax, Inc (NVAX) and Serum Institute of India Pvt. Ltd. (SII), filed regulatory submissions for emergency use authorization of Novavax’ recombinant nanoparticle protein-based COVID-19 vaccine candidate with Matrix-M™ adjuvant. The submissions were made to the Drugs Controller General of India (DCGI) and regulatory agencies in Indonesia and the Philippines.
NVAX recent financial results announcement
On August 5, 2021, Novavax, Inc (NVAX) announced its financial results and operational highlights for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- NVAX earned a revenue of 298 million in Q2 2021, compared to $36 million in the same period in 2020.
- Research and development expenses were $571 million in the second quarter of 2021, compared to $35 million in Q2 2020.
- General and administrative expenses were $73 million in the second quarter of 2021, compared to $18 million in Q2 2020.
- Novavax suffered a net loss of $352 million, or $4.75per share in Q2 2021 compared to a net loss of $18 million, or $0.30 per share in Q2 2020.
- Novavax had $2.1 billion in cash, cash equivalents, and restricted cash on June 30, 2021, compared to $806 million as of December 31, 2020.
Approval for COVID-19 vaccine delayed in the U.S
On August 5, 2021, Novavax Inc again delayed its timeline for seeking authorization for its two-dose vaccine in the United States, and the company now expects to file for emergency use authorization in the fourth quarter of 2021.
It had previously said it would seek authorization from FDA in the third quarter of 2021.
Conclusion
We had plenty of developments on August 5 and except for one, all of them are positive. The NVAX stock surged early due to the positive news about its covid-19 vaccine and due to its financial results but later in the after-market session, it declined when the company delayed its timeline for seeking authorization for its two-dose vaccine from the FDA.
