Investors in Novavax (NASDAQ: NVAX) haven't had much to celebrate recently, but the stock is rocketing higher on Tuesday. As of 11:30 a.m. ET, Novavax shares were up more than 17%, despite the overall stock market being flat.

In a nutshell, Novavax announced that its updated COVID-19 vaccine candidate showed that it was effective against newer variants of the virus, including those that are dominant in the U.S. and are responsible for a recent rise in COVID-19 infections and hospitalizations.

The tests were performed on small animals and primates. Novavax said its updated shot produced neutralizing antibody responses to the fast-spreading Eris variant, as well as others that are in wide circulation in the U.S.

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Source Fool.com