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Novovax Up on $1.6B Federal Funding for Coronavirus Program
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Shares of Novovax, Inc. (NVAX - Free Report) jumped 31.6% after the company’s coronavirus vaccine candidate was selected for the U.S. government’s Operation Warp Speed (“OWS”).
The company was awarded $1.6 billion by the federal government to support the late-stage development of its coronavirus vaccine candidate, NVX-CoV2373. The funding will also help the company establish large-scale manufacturing and deliver 100 million doses of NVX-CoV2373, as early as late 2020.
A phase I/II study is currently evaluating the vaccine candidate. Preliminary data from the study is expected toward the end of July. Novovax plans to initiate the phase II portion following the preliminary data announcement. This phase I/II study is supported by a funding arrangement with Coalition for Epidemic Preparedness Innovations of up to $388 million.
A pivotal phase III study to evaluate NVX-CoV2373 is anticipated to begin in the fourth quarter.
Last month, the company was awarded a contract worth $60 million by the United States, Department of Defense (DoD) to support manufacturing NVX-CoV2373. Per the agreement, Novavax will deliver 10 million doses of NVX-CoV2373 to DoD that can be used in phase II/III clinical studies or under an Emergency Use Authorization, if approved by the FDA.
Shares of Novovax have skyrocketed more than 2500% so far this year compared with the industry’s increase of 11.1%, on the back of its coronavirus vaccine candidate’s prospects and funding arrangements.
Please note that the OWS program is an initiative taken by the U.S. government to accelerate the development, manufacturing, and distribution of COVID-19 countermeasures across the country. The United States is the worst affected country in the world with coronavirus infecting more than 3 million people so far and claiming more than 200,000 lives. The OWS program includes several federal organizations namely Centers for Disease Control and Prevention, FDA, the National Institutes of Health, and the Biomedical Advanced Research and Development Authority and the Department of Defense.
Last week, the FDA also issued guidance documents for companies that are developing a vaccine to prevent COVID-19 in order to get approval for the same.
Apart from Novovax, several other companies developing coronavirus vaccine are part of the OWS program namely J&J (JNJ - Free Report) , Moderna (MRNA - Free Report) , the Oxford University/AstraZeneca, Merck (MRK - Free Report) and Pfizer.
5 Stocks to Soar Past the Pandemic:In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.
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Novovax Up on $1.6B Federal Funding for Coronavirus Program
Shares of Novovax, Inc. (NVAX - Free Report) jumped 31.6% after the company’s coronavirus vaccine candidate was selected for the U.S. government’s Operation Warp Speed (“OWS”).
The company was awarded $1.6 billion by the federal government to support the late-stage development of its coronavirus vaccine candidate, NVX-CoV2373. The funding will also help the company establish large-scale manufacturing and deliver 100 million doses of NVX-CoV2373, as early as late 2020.
A phase I/II study is currently evaluating the vaccine candidate. Preliminary data from the study is expected toward the end of July. Novovax plans to initiate the phase II portion following the preliminary data announcement. This phase I/II study is supported by a funding arrangement with Coalition for Epidemic Preparedness Innovations of up to $388 million.
A pivotal phase III study to evaluate NVX-CoV2373 is anticipated to begin in the fourth quarter.
Last month, the company was awarded a contract worth $60 million by the United States, Department of Defense (DoD) to support manufacturing NVX-CoV2373. Per the agreement, Novavax will deliver 10 million doses of NVX-CoV2373 to DoD that can be used in phase II/III clinical studies or under an Emergency Use Authorization, if approved by the FDA.
Shares of Novovax have skyrocketed more than 2500% so far this year compared with the industry’s increase of 11.1%, on the back of its coronavirus vaccine candidate’s prospects and funding arrangements.
Please note that the OWS program is an initiative taken by the U.S. government to accelerate the development, manufacturing, and distribution of COVID-19 countermeasures across the country. The United States is the worst affected country in the world with coronavirus infecting more than 3 million people so far and claiming more than 200,000 lives. The OWS program includes several federal organizations namely Centers for Disease Control and Prevention, FDA, the National Institutes of Health, and the Biomedical Advanced Research and Development Authority and the Department of Defense.
Last week, the FDA also issued guidance documents for companies that are developing a vaccine to prevent COVID-19 in order to get approval for the same.
Apart from Novovax, several other companies developing coronavirus vaccine are part of the OWS program namely J&J (JNJ - Free Report) , Moderna (MRNA - Free Report) , the Oxford University/AstraZeneca, Merck (MRK - Free Report) and Pfizer.
Novavax, Inc. Price
Novavax, Inc. price | Novavax, Inc. Quote
Zacks Rank
Novovax currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks to Soar Past the Pandemic:In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.
See the 5 high-tech stocks now>>