The FDA approved NVAX's protein-based COVID vaccine, Nuvaxovid
Biotech stock Novavax Inc (NASDAQ:NVAX) is skyrocketing today, up 26% at $8.48 at last glance, after the U.S. Food & Drug Administration (FDA) approved the company's COVID-19 vaccine. The shot, Nuvaxovid, differs from the others in that it is protein-based, not mRNA-based, and is designed for those between the ages of 12 and 64 who have underlying conditions that put them at greater risk due to the illness.
Should these gains hold, NVAX will mark its highest single-day percentage gain since last May. Jumping above several trendlines, including long-term resistance at the 80-day moving average, the equity is trading at its highest levels since March - further removing itself from its April 10, 52-week low of $5.01 and breaking into positive territory for 2025.
In the options pits, NVAX has already seen quadruple the overall options volume it typically sees in an entire session, with 57,000 calls and 13,000 puts exchanged so far. The weekly 5/23 9-strike call is the most active, with new positions opening there.
Meanwhile, short interest makes up 28.6% of the stock's available float, so some of today's pop could be attributed to short covering. It would take seven days for shorts to cover their bets, at NVAX's average pace of trading.