Novavax climbs 11% after announcing data from UK vaccine trial are expected in early 2021
- Novavax erased early losses and gained as much as 11.4% on Monday after updating investors on its various COVID-19
- The biotech company announced it completed enrollment of its 15,000-participant study in the UK, according to a press release. Interim data from the phase 3 trial is expected as early as the first quarter of 2021.
- The news wasn't all good. The firm delayed its US and Mexico study for the second time, and now expects the phase 3 trial to begin "in the coming weeks."
Novavaxlags Pfizer, Moderna, and AstraZeneca in winning regulatory approval, it's still on track to begin rolling out its vaccines next year should the shot prove effective.
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Novavax retraced a premarket slump and jumped as much as 9.7% on Monday after offering updates to various COVID-19 vaccine studies.
The biotech company announced Monday that it completed enrollment of its 15,000-participant trial in the UK. Interim data from the phase 3 study is expected as soon as the first quarter of 2021. Timing is still contingent on the coronavirus infection rate in the UK, according to a press release. If successful, the data can support applications for regulatory approval in the UK and European Union.
News from other late-stage trials was less than stellar. Novavax's US and Mexico trial was expected to start in October but will now begin "in the coming weeks," according to the release. That phase 3 study had already been delayed to late November.
Novavax initially fell as much as 7% in premarket trading as the second trial delay cut into bullishness. Shares quickly rebounded after the market opened and hit an intraday high of $137.85 before paring some gains.
The rally adds to a colossal year-to-date gain for the Gaithersburg, Maryland-based firm. Novavax shares have climbed roughly 3,337% in 2020 as investors bet on the firm's vaccine candidate to be distributed worldwide. Monday's jump places shares at their highest levels since July.
Other pharmaceutical and biotech companies have already revealed successful trial results and are on the verge of distributing their vaccines in late 2020 or early 2021. Pfizer and BioNTech lead the vaccine race, having applied for emergency-use authorization earlier this month. Moderna plans to apply for authorization today.
AstraZeneca and Oxford University will likely retest their vaccine after an error potentially skewed results in a recent study.
Though it lags some peers, Novavax is still on track to win regulatory approval and begin rolling out its shot next year should the vaccine prove effective. The company's candidate uses spike proteins to protect patients from COVID-19, while Moderna and Pfizer's vaccines both use m-RNA.
Novavax traded at $136.96 per share at 11:10 a.m. ET Monday. The company has 22 "buy" ratings, two "hold" ratings, and one "sell" rating from analysts.
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