Biotechnology company Novavax, Inc. (NASDAQ: NVAX) announced that NVX-CoV2373, Novavax’s recombinant nanoparticle protein-based COVID-19 vaccine with Matrix-M adjuvant, has been granted a second Emergency Use Listing (EUL) by the World Health Organization (WHO). The vaccine is expected to prevent COVID-19 caused by SARS-CoV-2 in individuals aged 18 and older.
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The EUL has been granted for the Nuvaxovid COVID-19 Vaccine, a novel recombinant, adjuvanted SARS-CoV-2 rS vaccine, which is to be marketed by Novavax in Europe and other markets. Notably, NVX-CoV2373, manufactured and marketed in India and licensed territories by Serum Institute of India Pvt. Ltd. (SII) as Covovax, was also granted EUL on December 17.
Meanwhile, shares of the company closed 7.1% lower on Monday on Omicron concerns.
Supporting Data
The WHO’s second EUL followed the European Commission’s (E.C.) conditional marketing authorization for Nuvaxovid.
According to the WHO, Novavax’s COVID-19 vaccine has met the quality, safety, and efficacy standards required by the organization for receiving EUL.
Official Comments
Novavax CEO Stanley C. Erck commented, “Today’s Emergency Use Listing underscores the ongoing need and potential for Novavax to help significantly increase COVID-19 vaccine access across the globe through a protein-based option built on a well-understood platform. We thank the World Health Organization for its thorough assessment and look forward to helping address major obstacles to controlling the pandemic, including practical barriers to access and vaccine hesitancy.”
Wall Street’s Take
Following the EMA’s CHMP approval of NVX-CoV2373, H.C. Wainwright analyst Vernon Bernardino reiterated a Buy rating and a price target of $294 (45.58% upside potential) on the stock.
Shares of Novavax have rallied 62.8% over the past year, against the S&P 500‘s one-year gain of 23.6%. The stock scores a Strong Buy consensus rating based on 3 Buys versus 1 Hold. The average Novavax stock price target of $260.75 implies 29.12% upside potential.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 68% Bullish on NVAX, compared to a sector average of 69%.
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