Novavax (NVAX) stock zipped to a nearly two-year high Thursday after the Food and Drug Administration set a potential approval date for its Covid vaccine in April.
prescription to succeed in the market may make your head spin. On this episode of “Industry Insights,” we’ll discuss what factors to consider with biotech stocks. We also examine how FDA approvals influence sector performance over the long term.” vid-name=”Biotech Stocks Are Shooting Higher. Here’s How You Can Play Them.” vid-cat=”Industry Insights” vid-date=”12/19/2023″ vid-date-tmsp=”1702977121″ vid-image=”https://www.investors.com/wp-content/uploads/2023/12/pXpNIwoM-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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In a filing with the Securities and Exchange Commission, Novavax said the FDA said it completed its filing review of the final portion of its request for approval. The agency is set to make its decision in April 2025.
The news sent Novavax stock soaring more than 14% to 24.10 in premarket trades.
On Wednesday, Novavax said it plans to launch an updated booster to target the JN.1 variant, in line with the FDA’s Vaccines and Related Biological Products Advisory Committee recommendation. Pfizer (PFE) and Moderna (MRNA) are also planning to prepare JN.1-focused boosters.
Novavax stock has been on a tear recently, surging 369% from dollar-stock status on May 9 to the closing price of 20.97 on Wednesday. Shares now have a perfect IBD Digital Relative Strength Rating of 99 and are on deck to open at their highest point since November 2022. The RS Rating is a 1-99 measure of a stock’s 12-month performance.
More to follow.
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