Novavax shares surges up to 66% on Friday as analysts heaped praise on the company after it unveiled promising results for its COVID-19 vaccine candidate NVX-CoV2373, reported TheStreet.
Phase III data from a UK study showed NVX-CoV2373 had an 89.3% efficacy rate, with high efficacy seen against the fast-spreading UK variant as well, although the candidate was much less effective against an emerging South African variant in a separate trial conducted in that country.
Jefferies analyst Kelechi Chikere said "efficacy against the much talked about South Africa variant strain came in at 60%, which has significant implications for all the vaccine companies and the potential/size of an endemic market."
Chikere added that "with these results in hand, we think Novavax will be able to file for emergency-use authorization (or its equivalent) in multiple territories."
J.P. Morgan analyst Eric Joseph remarked that "on the whole, we believe the data are highly impressive and pave the way forward for NVX-CoV2373 as an approvable as well as commercially competitive vaccine product."
The analyst said "perhaps the more consequential takeaway from the [South Africa] trial…is the lack of protection provided by prior COVID-19 infection, suggesting a wider and more durable vaccine market opportunity on the road to reaching and maintaining herd immunity."