After some rocky days and an overall downward trajectory of its stock, Novavax (NASDAQ: NVAX) finally received some much needed good news.
The stock has been on a downward spiral since last week, trending upwards some days but falling harder and tumbling to new lows. While the overall stock market has been in negative territory, Novavax seemed to be particularly hit hard even against its peers.
The news of the COVID-19 Omicron variant directly affected the stock as investors feared the biotech with would fall further behind its peers as the company has yet to receive approval for its COVID-19 vaccine from developed countries and on global scale.
News turned positive today for Novavax two-fold. The company’s stock climbed $40.99 or 28.89 percent to $182.85 per share, recovering much of its losses from last week. The climb was with the overall market and on news that approval from government agencies such as the European Medicines Agency (EMA). Novavax previously announced that it would file its application with the U.S. Food and Drug Administration in Silver Spring by the end of the year.
The soaring share price was enough to make it the second top gainer of the day in the overall stock market according to Yahoo Finance.
The price surge follows the approval of a headquarters expansion between Quince Orchard and Firstfield Roads in Gaithersburg. The city unanimously approved plans that would create a new campus totaling 604,929 square feet (about twice the area of the Lincoln Memorial Reflecting Pool).
The 89-exhibit submission to the city shows Novavax is confident in its future goals. If the company is successful in executing its expansion, it would join a handful of life science companies in Montgomery County with large multi-building campuses including AstraZeneca, GlaxoSmithKline and United Therapeutics.