By Sam Boughedda
Investing.com — Novavax Inc (NASDAQ:NVAX) got a boost by positive news from the Philippines and Europe regarding its Covid-19 vaccine.
Novavax shares have so far gained 8.6%, climbing to $185.29 in Wednesday's session. Earlier this month, B. Riley reiterated a buy rating and $305 price target on the stock, saying most of the bad news is behind the company.
The company confirmed Wednesday morning that the Philippine Food and Drug Administration (FDA) has approved emergency use of the vaccine.
"With less than a third of the Philippine population fully immunized, we expect the option for a protein vaccine, built on a well-understood technology platform, to contribute substantially to increased vaccination rates," said Stanley Erck, president and CEO of Novavax.
The Novavax and Serum Institute of India vaccine has recently received EUA in Indonesia, while they have also filed for emergency authorization in India. There have also been regulatory filings in the U.K., Australia, New Zealand, and Canada.
In the EU, Novavax confirmed that the European Medicines Agency has begun its review of the application for conditional marketing authorization.
The vaccine will be marketed in the region under the brand name Nuvaxovoid.