Novavax (NASDAQ:NVAX) stock is on the move Friday after Canada approved the vaccine company’s booster shot for Covid-19.
That approval covers Nuvaxovid as a booster to prevent infection with Covid-19 in adults 18 and older. Approval was granted based on data from a Phase 2 clinical trial and South Africa and a Phase 3 clinical trial in the U.S.
Stanley Erck, president and CEO of Novavax, said the following about the news:
“Canadians now have access to our protein-based Nuvaxovid COVID-19 vaccine as an adult booster. With the winter months upon us, it’s important to have options for vaccination to help protect against COVID-19.”
What’s This Mean for NVAX Stock?
Investors don’t seem overly excited about the approval for Novavax’s Covid-19 booster. It may be a case of the company getting approval too late as its rivals have already been offering similar boosters for months now.
That seems to be the case with NVAX stock down 5.5% Friday afternoon after a quick surge when markets opened this morning. It’s also worth noting that only about 1.8 million shares have changed hands as of this writing. That’s below its daily average trading volume of 4.8 million shares, which is another sign that investors don’t care much about today’s announcement.
Investors seeking out more of the latest stock market news will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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