Novavax Stock Yo-Yos After Biotech Says Covid Vaccine Protects Against Variants

Novavax said Monday its Covid vaccine was more than 93% protective against troublesome variants in final-phase testing. But NVAX stock yo-yoed on the news.

The study took place in the U.S. and Mexico, and sets Novavax up to request authorization for its coronavirus vaccine in the U.S. Novavax has already begun rolling reviews in Canada, Australia, New Zealand, the U.K. and Europe.

"Novavax continues to work with a sense of urgency to complete our regulatory submissions and deliver this vaccine, built on a well understood and proven platform, to a world that is still in great need of vaccines," Chief Executive Stanley Erck said in a written statement.

In morning trading on the stock market today, NVAX stock jumped as high as 9.4%. But shares were down a fraction near 209.70 in recent action.

NVAX Stock Yo-Yoes On Vaccine Test

Overall, Novavax said its vaccine was 90.4% effective. That was based on a test of 29,960 people at 119 sites in the U.S. and Mexico. There were 77 cases of Covid among study participants, with 63 in the placebo group and 14 in the vaccine group. Cases in the vaccine group were mild.

There were 10 moderate and four severe cases, all of which occurred in the placebo group. That means the vaccine was 100% protective against moderate and severe Covid-19. Novavax noted all hospitalizations and deaths occurred in the placebo group.

Further, the vaccine was 91% effective in people at high risk of severe disease.

NVAX stock initially rose to its highest point in a month.

Protective Against Variants

Novavax sequenced 54 out of the 77 positive Covid cases. Of those, 35 were "variants of concern," which includes mutations first discovered in the U.K., South Africa, Japan/Brazil and California. Another 17 were "variants of interest." The vaccine was 93.2% protective against these.

Another 10 were other variants. All of these occurred in the placebo group.

Bullishly for NVAX stock, the vaccine was generally well tolerated. This is key as U.S. officials look into a heart condition possibly tied to vaccines from Pfizer and Moderna, and after Johnson & Johnson's vaccine was temporarily suspended due to blood clots.