Novavax, Inc. (NASDAQ:NVAX) announced that the FDA has granted an emergency use authorization (EUA) for its COVID-19 vaccine, Adjuvanted (NVX-CoV2373) as a booster shot in people in the age group of 18 years and older.
The company stated that the vaccine will be the first protein-based option to be given as a booster. It can be administered as a booster after a minimum gap of six months after the completion of primary vaccination of any FDA-authorized COVID-19 vaccine.
Further, the vaccine can be given to people who cannot take FDA-authorized mRNA bivalent COVID-19 booster vaccines made by companies like Pfizer (NYSE:PFE)/BioNTech (NASDAQ:BNTX) and Moderna (NASDAQ:MRNA) due to its inaccessibility or clinical inappropriateness in certain people.
Based on an older technology, NVAX’s vaccine will only target the original strain compared to the mRNA vaccines that target the original as well as the newer omicron variants.
Novavax CEO Stanley C. Erck commented, “According to CDC data, almost 50 percent of adults who received their primary series have yet to receive their first booster dose. Offering another vaccine choice may help increase COVID-19 booster vaccination rates for these adults.”
What is NVAX’s New Price Target?
As per TipRanks, Novavax stock’s average price forecast of $67.20 implies 274.79% upside potential. Novavax stock has received three Buy and two Sell recommendations for a Hold consensus rating. The company is scheduled to release its Q3 results on November 3.
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