Why Novavax Shares Spiked 32% Today

Novavax, Inc (NASDAQ: NVAX) shares spiked nearly 32% in the after-hours and regular session on Thursday.

What Happened: The Maryland-based biotechnology company said Thursday that its COVID-19 vaccine, NVX-CoV2373, was 96.4% effective “against mild, moderate and severe disease caused by the original COVID-19 strain” in Phase 3 trials.

The vaccine showed 86% efficacy against a strain first found in the United Kingdom and was 55% effective against another one discovered in South Africa.

The company’s findings are a result of a Phase 3 trial in the U.K. comprising of 15,000 participants and a Phase 2b trial made up of 2,665 volunteers.

Why It Matters: Novavax said it expects the resultant data to “serve as the basis for submission for authorization to various regulatory agencies worldwide.”

The United States currently has three vaccines approved for emergency use from Johnson & Johnson (NYSE: JNJ), Pfizer Inc (NYSE: PFE)/BioNTech SE (NASDAQ: BNTX), and Moderna Inc (NASDAQ: MRNA). 

Price Action: Novavax shares rose 22.95% in the after-hours session to $230.70 on Thursday after closing 8.77% higher at $187.63.