Shares of US biotech company Novavax at the August 5 aftermarket trading rose 5%, then plunged more than 17% to $204.76 each. The plunge was in response to the upcoming transfer of the application to the United States Food and Drug Administration (FDA) for approval of the use of the NVX-CoV2373 coronavirus vaccine.
In the premarket on August 6, Novavax Inc. (NVAX) shares depreciated by 10.46%.
It was originally planned that the company will file an application in the third quarter of this year, but now it is expected that this will happen in the fourth. NVAX postponed the application several times as it worked to validate manufacturing processes and obtain data from manufacturing partners to demonstrate to regulators that the drug was manufactured to standards. The company also faced challenges in expanding production capacity amid a shortage of essential components, The Wall Street Journal notes.
Furthermore, Novavax Inc. (NVAX) released information regarding the booster dose. According to studies, a single injection six months after the second component of the vaccine increases antibodies by 4.6 times. Study findings suggest that boosts work well against the COVID-19 delta strain. Additionally, the company is researching whether this vaccine can be used to boost other COVID-19 vaccines.
Novavax Inc. (NVAX) released a report on second-quarter 2021 financial results. The company reported a net loss of $352 million, or $4.75 per share. Analysts expected a loss of $271 million, or $3.63 per share. The revenues were $298 million; in the same period last year, revenue was $36 million. The result in 2021 was lower than analysts’ expectations ($388 million).
In June, Novavax announced that its vaccine is 90.4% effective. In the company’s opinion, the drug protects 100% against moderate and severe cases of Coronavirus. NVAX plans to produce 100 million doses per month by the end of the third quarter and 150 million doses per month by the end of the fourth quarter in 2021. Transporting the Novavax vaccine is easy due to its ability to be stored at normal temperatures in the refrigerator.