what happened
Vaccination specialist Novavax (NASDAQ: NVAX) could not prevent a sale of its shares on Monday. Although the company reportedly reported good news, investors fled the stock, resulting in a nearly 10% drop on the day.
Approximately
The good news is that Novavax is launching the Phase 3 clinical trial for NVX-CoV2373, its entry into the coronavirus race. The company aims to recruit 30,000 participants for the PREVENT-19 study, which will take place at approximately 115 locations in the U.S. and Mexico.
As with other coronavirus vaccine developers, Novavax is being strengthened by the support of the US Government’s Operation Warp Speed. One wing of the Department of Health and Human Services, the Biomedical Advanced Research and Development (BARDA), provides up to $ 1.6 billion in funding for PREVENT-19.
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The biotechnology is also conducting a Phase 3 study of NVX-CoV2373 in the UK, in addition to earlier clinical trials in South Africa, the USA and Australia.
Earlier this month, two coronavirus vaccines received permission for emergency use from the U.S. Food and Drug Administration. Both, Modernsee mRNA-1273 and Pfizer/BioNTechBNT162b2 is already being applied across the country.
Now what
Since NVX-CoV2373 only participates in the large-scale phase 3 testing, Novavax is well behind Moderna, Pfizer and BioNTech. Even with some subsidy, forerunners in this race will earn a lot of income from mass vaccination; It can be seen that Novavax is too far behind for some investors.