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Summary
- Novavax’s covid drug showed 93% overall efficacy and 100% effectiveness in patients with moderate and severe infection during the phase 3 trial.
- The company aims to manufacture up to 150 million doses daily in Q4 after receiving authorization.
- The vaccine, named NVX-CoV2373, is a protein-based drug engineered from the first strain of covid-19 virus.
The stock of Novavax Inc. (NASDAQ:NVAX) jumped more than 10% in pre-market trading on Monday, June 14, after the company announced 93% efficacy of its covid drug and 100% success in mild cases during the phase 3 trial.
However, the stock fell after a brief surge to US$204.70 at 12.04 pm ET, down 2.38% from the previous closing price. The stock price had surged 10.4% in pre-market trading after the announcement of the test results.
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What does test results show?
Novavax’s covid drug showed 93% overall efficacy and 100% efficiency in patients with moderate and severe infection during the phase 3 trial.
A total of 29,960 people across 19 US states and Mexico participated in the test to evaluate its efficacy and safety. The participants represented different demographic and community groups.
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The company plans to file for regulatory authorization in the third quarter. Novavax aims to manufacture 100 million doses by the end of Q3 and up to 150 million doses per day in Q4 after it receives authorization.
Gregory M Glenn, who heads the company’s research and development division, said the vaccine showed the ability to prevent virus mutation.
How does the vaccine work?
The vaccine, named NVX-CoV2373, is a protein-based drug engineered from the first strain of covid-19 and developed with the help of nanotechnology.
Source: Pixabay.
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What is the performance of Novavax?
Novavax develops vaccines for serious infectious diseases. Its stock price increased by around 81% YTD. Its market cap is around US$15.1 billion.
Its Q1 revenue rose from US$3 million to US$447 million YoY. It logged a net loss of US$223 million or US$3.05 per share. In the same period last year, its net loss was US$26 million or US$0.58 per share. The increased revenue was due to the company's production of Covid vaccines. During the quarter, it had liquidity reserves of US$2 billion.
The US has authorized three covid vaccines to date: Pfizer, Moderna, and Johnson & Johnson. As per the Centres for Disease Control and Prevention (CDC), 51% of people in the US have received one dose of covid vaccine, while 41% have received two doses of the drug.
Also read: COVID-19: Are Intranasal vaccines better than the traditional vaccine shots?
