Novavax Inc. (NVAX) fell by 4.29% in the after-hours after gaining 28.89% in regular trading on December 07. The gain in the stock caused profit bookers to become active, resulting in the after-hours dive of the stock.
During regular trading, the stock fluctuated between $148.95 and $183.85 to close the session at $182.85. Following the hike, the stock entered market corrections, falling down to $175.00 in the after hours.
Founded in 1987, Novavax Inc. (NVAX) develops vaccines for the prevention of infectious diseases.
NVAX Stock Movement
The 75.61 million outstanding shares of NVAX have fallen down by 12.36% in the past five days. While the stock has lost 32.42% in the past three months, it has gained 63.98% year to date.
The recent gain in the stock was seen after news of NVAX’s Covid-19 vaccine’s possible authorization in near future, emerged. The news caused the investors to trade the stock very actively, as it gained at 9.45M shares, 178% of the 65-day average volume. After gaining almost 29% in regular trading, the stock entered market corrections.
Recent Developments
Recently, the company announced its strategy to deal with the new Omicron variant of SARS-CoV-2. Before which the company had filed for the interim authorization of its Covid-19 vaccine in Singapore.
NVAX’s Omicron Response
On December 02, NVAX gave its statement on how the company plans to deal with the new omicron variant. According to the statement, the company’s strategy for the situation involves two parts. Firstly, just like NVAX has done for the previous variants of the virus, it will test the efficacy of the current covid-19 vaccine NVX-CoV2373 against omicron. Secondly, an omicron-specific vaccine construct is to be developed.
Moreover, the company has already started working on the omicron-specific construct of the antigen which is used in the NVX-Cov2373 vaccine.
Interim Authorization Request
On November 24, NVAX announced the submission of interim authorization of its NVX-CoV2373 to the Singapore Health Sciences Authority (HSA). The submission was done under the Pandemic Special Access Route (PSAR) with the HSA.
The company has also done regulatory filings for the vaccine in the U.K, Australia, New Zealand, Canada, EU, as well as with WHO.
NVAX’s Financial Highlights
On November 04, the company announced its third-quarter 2021, financial results. As per the third quarter of 2021, the revenue was $178.8 million against $157.0 million in the year-ago period.
Moreover, Q3 2021 had a net loss of $322.4 million ($4.31/share) against $197.3 million ($3.21/share) in the year-ago quarter.
