What's Up With Novavax Stock?

Novavax, Inc (NASDAQ: NVAX) shares closed 12.24% higher in the regular session on Monday.

What Happened: The biotechnology company working on a COVID-19 vaccine saw its shares move 0.74% higher in the after-hours trading.

The New York State Common Retirement Fund, the third-largest public pension in the United States, increased its exposure to Novavax shares, reported Barron's. 

The pension also doubled its investment in COVID-19 vaccine play Moderna Inc (NASDAQ: MRNA). 

The retirement fund also initiated a position in BioNTech SE (NASDAQ: BNTX), the German COVID-19 vaccine partner of Pfizer Inc (NYSE: PFE).

Also on Monday, the Philippines’ Food and Drug Administration began evaluating Novavax’s application for emergency use authorization for its COVID-19 vaccine, as per a report from the Manila Bulletin.

Philippine FDA Director-General Eric Domingo said that Novavax had yet to complete the submission of its requirements for the agency to make its decision, as per the report.

See Also: How To Buy Novavax (NVAX) Shares

Why It Matters: Along with the Philippines, Novavax has submitted regulatory filings in India and Indonesia and expects to file for emergency use listing with the World Health Organization in August.

In the United States, the company expects to file with the U.S. Food And Drug Administration in the fourth quarter.

Novavax shares moved in tandem with BioNTech SE which soared 14.97% in Monday’s regular session to $447.23 and Moderna Inc which shot up 17.10% to $484.47 in the same session.

Novavax also attracted the attention of retail traders on the Reddit discussion board r/WallStreetBets or WSB where it was among the most mentioned names along with Moderna and BioNTech.

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