Novavax shares jumped nearly 12% in early trading.

Novavax shares jumped nearly 12% in early trading.

The New York State Common Retirement Fund, the third-largest public pension in the United States, increased its exposure to Novavax shares,reported Barron's.

The pension also doubled its investment in COVID-19 vaccine play Moderna Inc .

The retirement fund also initiated a position in BioNTech SE , the German COVID-19 vaccine partner of Pfizer Inc.

Also on Monday, the Philippines’ Food and Drug Administration began evaluating Novavax’s application for emergency use authorization for its COVID-19 vaccine, as per areportfrom the Manila Bulletin.