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Summary
- Novavax has received an advance order from Canada for its COVID-19 vaccine candidate NVX-Cov2373. Its stocks climbed nearly 4 per cent on this agreement.
- The biotech scrips are 1532 per cent up in one year, led by the US government funding for research and development (R&D).
- Stocks of the COVID-19 vaccine developer have increased by 37 per cent in the last three months.
US-based biotech firm Novavax Inc. (NVAX:US or Nasdaq: NVAX) has entered a deal with the Canadian government to deliver up to 76 million shots of NVX-CoV2373, the protein-based COVID-19 vaccine dose. Stocks of the COVID-19 vaccine maker rose approximately 4 per cent on the back of this announcement on Friday, January 22.
Canada has decided to purchase 52 million Novavax vaccine doses, which is currently in the final phase of clinical development and may place an additional order for 24 million shots.
Earlier, the company reported that like other COVID-19 vaccines, it also has a two-dose process to improve immunity against the coronavirus.
The company anticipates delivering vaccine shots at beginning of the second quarter of this year, after getting approval from Health Canada.
The vaccine maker also has purchase agreements with New Zealand and Australian governments for 10.7 million and 51 million COVID doses, respectively.
Let us delve into this COVID-19 vaccine stock’s market performance:
Novavax Inc. (NVAX:US or Nasdaq: NVAX)
Current Stock Price: US$ 126.98
The vaccine producer has a massive one-year return of nearly 1532 per cent. The biotech scrips have returned almost 37 per cent in the last three months.
The biotechnology company, which researches and develops vaccines through its Swedish subsidiary Novavax AB, has a market cap of over US$ 8 billion.
The shares of the mid-cap biotech has a price-to-cashflow ratio of 94.60 and debt-to-equity ratio of 4.14, as per TMX data. The drug developer is returning 653.55 per cent on equity. Its present price-to-book ratio is 76.
Image Source: Kalkine Group @2020
The US-based healthcare firm has 63.66 million listed shares outstanding, with an average trading volume of around 3.4 million for the last 10 days.
The company received a US$ 2 billion funding from the US federal government for its COVID-19 vaccine candidate’s development in the last year.
Novavax generated revenue of US$ 157.0 million in the third quarter of 2020 (ending on September 2020), vis-à-vis US$ 2.5 million in Q3 2019. However, its net loss widened to US$ 197.3 million, from US$ 18 million a year ago.
