Always a bit of an underdog coronavirus stock, Novavax (NVAX 8.18%) over-performed on Wednesday. The biotech's shares were trading over 8% higher in late afternoon action, following yet another authorization from a healthcare regulator for the company's COVID-19 vaccine.
In the morning, Novavax announced that Switzerland's healthcare regulator, the Swiss Agency for Therapeutic Products (Swissmedic), has granted conditional marketing authorization (CMA) for Nuvaxovid. Also known as NVX-CoV2373, this is a protein-based vaccine that contrasts with the highly popular mRNA-based solutions of rivals Moderna and the partnership of Pfizer and BioNTech.
"As we continue to fight COVID-19, we think it is incredibly important that people have a choice in vaccine options," Novavax CEO Stanley Erck said in a statement.
"Nuvaxovid offers something different from the current portfolio of vaccines by using a more tried and tested technology platform, while still providing a strong efficacy and safety profile," he added.
On the basis of the new CMA, Nuvaxovid can be administered in Switzerland to individuals who are at least 18 years of age.
Novavax continues to rack up authorizations throughout the world. Among numerous other jurisdictions, it has been approved for use in the European Union (which does not include Switzerland), Canada, the U.K., Australia, and South Korea.
Notice that one big name missing from that list of authorizing countries is the U.S. While Novavax filed for Emergency Use Authorization (EUA) from the Food and Drug Administration (FDA) in January, Nuvaxovid still hasn't been cleared for use in this country. That fact has held the stock back previously, however the recent spate of regulatory wins might be making that something of a moot point for now.