Gaithersburg-based Novavax (NASDAQ: NVAX) has been on a roll lately, as the company is finally getting long-awaited approvals for its COVID-19 Vaccine including in Europe. Its nanoparticle protein-based vaccine uses more traditional methods and is seen as an alternative to the mRNA-based methods used by Pfizer and Moderna.
The biotech recently received approval from one of the largest markets in the world, India.
Novavax submitted an application to Indian authorities in October with the assistance of its manufacturing partner the Serum Institute of India. The approval yesterday marks a pivotal moment for the company.
“Today's authorization marks a vital step for India, where additional vaccine options and millions of doses are needed in the country's ongoing efforts to control the pandemic," said Stanley C. Erck, President and Chief Executive Officer, Novavax.
Despite the series of good news, Novavax’s stock has underperformed, falling nearly 20 percent yesterday. However, the stock finally rose after declines last week, as it’s up more than five percent this morning, trading to $165.16 a share.
Investors may be waiting for the companies move to file an application with U.S. Food and Drug Administration (FDA) in Silver Spring. Erck had repeatedly promised in several interviews that the application would be submitted before the end of the year.