Novavax Stock Rallies As Company Submits Its Vaccine To WHO For Emergency Use Authorization
Shares of Novavax gained strong upside momentum after the company announced the submission to WHO for emergency use of its COVID-19 vaccine. The submission was made in partnership with Serum Institute of India and based on the companies’ previous regulatory submission to the Drugs Controller General of India.
Novavax stated: “Today’s submission of our protein-based COVID-19 vaccine to WHO for emergency use listing is a significant step on the path to accelerating access and more equitable distribution to countries in great need around the world”.
What’s Next For Novavax Stock?
The announcement is a major development for Novavax stock which has periodically found itself under pressure in 2021 due to delays and problems with regulatory authorization in the U.S.
At this point, it is already clear that the race for the U.S. market was won by Pfizer/BioNTech, Moderna and Johnson & Johnson, but most developing countries remain undersupplied.
This is a big opportunity for Novavax, so it’s not surprising to see that its shares managed to gain strong upside momentum after the company submitted its vaccine to WHO.
Analyst estimates have been mostly stable in recent weeks, and the consensus estimate implies that Novavax will report a loss of $10.21 per share this year and a profit of $32.3 in the next year. The stock is trading at less than 8 forward P/E, which represents a discount to peers due to previous problems experienced by Novavax.
However, there is potential for multiple expansion as traders will start to prepare for the potential emergency use authorization from WHO. In addition, analyst estimates may also begin to increase. At this point, it looks that Novavax stock has a decent chance to gain additional upside momentum and move higher from current levels.
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This article was originally posted on FX Empire
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