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Novavax shares surge following positive Phase 2 trial of flu vaccine

The clinical-stage biotech plans to meet with the FDA in the first half of the year to discuss the Phase 2 clinical trial results

Scientist sitting and looking into a microscope
Phase 3 clinical trials are expected to begin this year

Novavax Inc (NASDAQ:NVAX) shares were on the rise after the company announced positive Phase 2 trial results for its NanoFlu vaccine.

The clinical-stage biotech plans to meet with the US Food and Drug Administration in the first half of the year to discuss the Phase 2 clinical trial results and expects Phase 3 clinical trials to begin this year.

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Shares of Novavax jumped more than 7% to $2.19 in Friday pre-market trading.

“Over the past several years, influenza vaccine effectiveness has been suboptimal in this population, and there is broad agreement that better vaccines are needed,” said Gregory Glenn, president of research and development.

“These confirmatory data from the second clinical trial of NanoFlu further justify continued rapid development of an improved vaccine,” he added.

The company estimated that seasonal flu vaccine growth in the top seven markets, which include the US, Japan, France, Germany, Italy, Spain and UK, may increase from around $3.2 billion in 2015 to $5.3 billion by 2021.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Quick facts: Novavax, Inc.

Price: 125.69 USD

NASDAQ:NVAX
Market: NASDAQ
Market Cap: $8 billion
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