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Novavax shares surge as U.S. pension buys stakes

By Shubhangi on Aug 11, 2021 | 04:31 AM IST

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Novavax Inc., the biotechnology company working on a COVID-19 vaccine, shares closed 12.24% higher in the regular session on Monday.

The company experienced 0.74% surge in the after-hours trading.

The third-largest public pension of U.S., New York State Common Retirement Fund increased its stakes in Novavax which boosted its stocks. The pension also increased its investment in Moderna Inc.

Philippines’ Food and Drug Administration also started evaluating Novavax’s application for emergency use authorization for its COVID-19 vaccine.

Eric Domingo, Philippine FDA Director-General said that for the agency to finalize its decision, Novavax is yet to complete the submission of the requirements.

Novavax has also submitted regulatory filings in other countries including India and Indonesia. The company is expecting to file for emergency use listing with the World Health Organization in August.

Novavax is also planning to file with the U.S. Food And Drug Administration in the fourth quarter.

Shares of BioNTech SE and Moderna Inc also surged 14.97% at $447.23 and 17.10% at $484.47 respectively on Monday.

Retail traders on Reddit were also discussing Novavax along with Moderna and BioNTech.

(With inputs from Benzinga Pro)

Picture Credits: Benzinga Pro

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