Novavax Inc (NASDAQ: NVAX) opened the week with huge gains. The stock opened the day with a gap up, and closed with gains of 71.08%. This came after the company announced that, it was developing a vaccine for the Wuhan-version of the coronavirus that is now confirmed to have reached the U.S.
The company stated that, it was using Novavax recombinant vaccine tech to come up with a vaccine taken from the gene sequence of the virus. On top of that, the company announced that, it would use its proprietary tech called Matrix-M adjuvant to offer an extra immune response. The company has a history working on corona viruses and has in the past created vaccine candidates for SARS and MERS coronaviruses.
The new coronavirus started at a poultry and seafood market in Wuhan, China, and infected upwards of 300 people, and a few of them have died. The virus has spread across several Asian countries and a case was recently confirmed in the U.S.
The company’s announcement came just a few days after it announced that it had got fast track designation for its vaccine called NanoFlu for seasonal flu. The candidate treatment is for adults over the age of 65 years. In the press statement, the company also announced that, the fast track by the FDA would provide benefits and help shorten the review time for new treatments for life-threatening conditions. Back in October, the company started the Phase 3 study of this treatment, and evaluated it for safety and immunogenicity by using the Matrix-M Adjuvant in older patients.
From its price action, there is strong upside momentum in this stock. It gapped up and opened the day at $9.15. It then traded between a low of $7.32 and a high of $9.99 before closing the day at $9.82. Volumes in the day stood at 52.43 million.
About Novavax Inc
Novavax Inc is a biotech company that develops vaccines for infectious diseases. It is based in Gaithersburg, Maryland.