Novavax Stock (NVAX) Gets a Boost from ‘Robust Immune Responses'
Novavax (NVAX) stock jumped on Wednesday after the vaccine maker released results from a Phase 3 clinical trial of its COVID-19-Influenza Combination (CIC) and stand-alone flu vaccine. The initial cohort results from this study included 'robust immune responses' for the CIC and flu vaccine that were comparable to licensed rivals Nuvaxovid and Fluzone HD.
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Additionally, Novavax noted that the two vaccines were well tolerated. Almost all of the adverse events, greater than 98%, that were experienced by patients were mild or moderate in severity. The trial includes roughly 2,000 patients aged 65 or older.
Novavax stated that it will continue to seek partners to further the development of its CIC and stand-alone flu vaccines. The results from this study provide it with the data it needs for discussions with potential partners.
NVAX Stock Movement Today
While NVAX stock had soared more than 2% in pre-market trading, the company couldn't maintain those gains. As a result, the stock is only up 0.56% as of Wednesday morning. Investors will also note that shares are down 8.83% year-to-date and 54.6% over the past 12 months.
The Phase 3 clinical trial data also failed to attract investor interest today. Trading volume was muted at 1.38 million shares, compared to a three-month daily average of roughly 11.29 million units.
Is Novavax Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for Novavax is Hold, based on one Buy, two Hold, and a single Sell rating over the past three months. With that comes an average NVAX stock price target of $11.25, representing a potential 55.39% upside for the shares.
Spark, TipRanks' AI analyst, highlighted 'strong revenue growth and profitability improvements' but warned of 'negative equity and cash flow challenges.'
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