On June 14, Novavax Inc. (NVAX), a biotechnology company, announced that its NVX-CoV2373 vaccine achieved 90.4% effectiveness in the third phase of the clinical trial against Coronavirus. Furthermore, this drug is 100% protective against moderate to severe diseases. Novavax plans to apply for FDA approval by the third quarter of this year. There will be 110 million doses shipped to the US next year and 1.1 billion doses to developing countries. As the Novavax vaccine can be stored at room temperature in the refrigerator, it can be transported easily.
Over 30 thousand people took part in the tests in the United States and Mexico. In the study, two-thirds of the patients received two doses of the vaccine three weeks apart, while the rest received a placebo. The first group had 14 participants infected with Covid-19, the second had 63. Pain at the injection site was the most frequent side effect, followed by headaches, weakness, and muscle pain. Based on such results, the vaccine’s effectiveness has been estimated at 90.4%.
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This vaccine will be submitted to the United States Food and Drug Administration (FDA) for approval in the third quarter of this year. The Novavax vaccine would be the fourth one to receive FDA approval after BioNTech, Moderna, and Johnson & Johnson.
Once regulatory authorities have approved the vaccine, the company plans to produce 100 million doses a month by the end of the third quarter and 150 million doses by the end of the fourth quarter of 2021. According to Novavax CEO Stanley Erk, most consignments will end up in low-income and middle-income countries. According to Our World In Data, more than half of the US population has already received at least one dose of the COVID-19 vaccine, whereas only 1% of the population of developing countries has received the vaccine.
Joe Biden, the United States president, had publicly stated that he is in favor of giving up intellectual property rights to the Coronavirus vaccine. It means any company will be able to work on vaccine analogues without worrying about being prosecuted.
The stock of Novavax Inc. (NASDAQ: NVAX) dropped -0.94% to finish the last trading session at $207.71. The volume of shares traded on the stock was 11.2 million, well above the average daily trading volume of 3.75 million published for the past 50 days. The shares of Novavax Inc. have advanced 6.50% in the last five days; however, they have gained 71.66% over the last month. Stock prices decreased by -4.48% over the last three months and have gained 86.27 percent this year. Additionally, it has a price to cash flow ratio of 26.14, and its price to sales ratio stands at 16.36.