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Investors appear to be jumping back on the vaccine maker's bandwagon.
*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.
Novavax (NVAX +0.00%) is absolutely crushing it this week. Shares of the vaccine maker were up 29.9% for the week as of the market close on Thursday, according to data from S&P Global Market Intelligence.
Investors appear to be jumping back on the Novavax bandwagon after a couple of recent positive developments. The U.S. Food and Drug Administration (FDA) announced last week that it plans to convene an advisory committee to review the Emergency Use Authorization (EUA) filing for COVID-19 vaccine NVX-CoV2373. Also, on Wednesday Novavax requested expanded EUA in Great Britain for its vaccine in adolescents ages 12 to 17.
To be sure, one week of strong gains doesn't make up for the extended slump the vaccine stock has experienced. Novavax's shares are still nearly 80% below the high set in September 2021.
But the FDA's decision to convene the Vaccines and Related Biological Products Advisory Committee (VRBPAC) to review Novavax's EUA filing is great news for the company. After multiple delays, Novavax appears to be finally on the right track to win U.S. authorization for its COVID-19 vaccine.
The request for expanded EUA in Great Britain in immunizing adolescents isn't nearly as significant of a catalyst for Novavax. However, it's nonetheless an important step for the company in its goal to increase sales.
VRBPAC is scheduled to meet on June 7 to review the EUA submission for NVX-CoV2373. But there's another key milestone for Novavax that will come even sooner. The company will provide its first-quarter update on Monday, May 9, after the market close.