Novavax (NASDAQ:NVAX) stock gained more than 8% yesterday. The surge came after the U.S. Food and Drug Administration (FDA) approved its updated COVID-19 vaccine. The boosters can be given to people aged 12 and above for protection against the new omicron variant XBB.1.5.
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Importantly, NVAX’s shot will be the third option available in the market, following the rollout of vaccines by Pfizer (PFE) and Moderna (MRNA) last month. Novavax’s vaccine is distinctive from others as it is the only protein-based, non-mRNA COVID-19 vaccine available in the United States.
The company expects to make the doses available at several locations, including the pharmacies of CVS Health (CVS) and Rite Aid (RAD), as soon as next week. NVAX has strategically placed doses at distribution sites across the country to ensure rapid distribution of the vaccine.
The FDA approval was necessary as it will allow Novavax to compete in the commercial vaccine market. These injections will be made available through commercial channels, as opposed to earlier COVID-19 vaccination deliveries, which included the federal government buying shots in large quantities.
What is NVAX’s New Price Target?
As per TipRanks, NVAX stock’s average price forecast of $24 implies a significant upside potential of 212.91% from the current level. Novavax has received three Buy and one Sell recommendation for a Moderate Buy consensus rating. The stock is down 21.7% so far in 2023.
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