Shares of Novavax (NASDAQ: NVAX) jumped by as much as 20.7% in pre-market trading on Wednesday morning. If this significant pre-market movement continues, the company’s shares will easily print a new holiday today.
The spark? Novavax’s share gets another boost from the closely monitored COVID-19 vaccine candidate, known as NVX-CoV2373. Specifically, biotechnology reported yesterday that each patient in the first part of this ongoing Phase 1/2 study showed anti-nail IgG antibodies after only a single dose. After a second dose, each patient in the study also developed wild-type virus-neutralizing antibody responses to this virus.
While Novavax is a few months behind the leaders in the race to develop a COVID-1
In addition, Novavax may be able to offer a combination of COVID-19 and seasonal flu vaccine at some point along the way. The important development, which can provide a major competitive advantage over some of its biotechnological peers, will ultimately be due to the late fatal regulatory fate of the NanoFlu flu vaccine.
Can Novavax’s share fly even higher? Although it seems counter-intuitive based on the stock’s rockstar performance over the past seven months, the truth is that Novavax shares may have much more room to run. COVID-19 is not coming anywhere soon according to most experts, and it can even develop into a long-term seasonal problem.
In short, it would not be surprising in the least if this red hot biotechnology stock ended the year at over $ 300 per share – or 91% higher compared to where its shares closed on Tuesday.