Shares of the coronavirus vaccine developer Novavax (NASDAQ: NVAX) were up by more than 10.3% as of 11:01 a.m. ET today thanks to a well-received series of six presentations that the company’s scientists gave at the Communicable Diseases and Immunisation Conference 2022 in Sydney, Australia.
The company’s talks and participation at the conference, which started June 20 and concludes today, are about topics like addressing vaccine hesitancy, safely co-administering combination coronavirus and influenza vaccines, and the efficacy of vaccine efficacy-boosting compounds called adjuvants, all presented within the context of Novavax’s clinical data.
Novavax explicitly states that the safety and efficacy data it’s referencing in its presentations are not new to the public, so the market is not reacting to new information that might directly affect the revenue it can get from sales of its coronavirus jab.
Nonetheless, biotech stocks often get a bump in their share prices when companies reiterate a few of their most important results and accomplishments at conferences. So it’s likely that investors were paying close attention to what Novavax presented.
Novavax is still waiting on the Food and Drug Administration to weigh in on whether its coronavirus vaccine Nuvaxovid can be commercialized in the U.S. Though it got a nearly unanimous green light from the non-binding advisory committee on June 7, the upcoming binding committee vote is more important, and it’s also higher risk.
An approval from the binding committee would send Novavax’s shares skyrocketing, but a rejection would be yet another speed bump for the company’s path to selling its jab in the U.S. Either way, its vaccine is approved in a plethora of countries, so investors can expect it to continue to report rising revenue for the near term.