Shares of Novavax (NASDAQ: NVAX) were bouncing back on Tuesday, rising 7.1% as of 12:50 p.m. ET after jumping as much as 14.7% earlier in the day. The gain came after an analyst's downgrade caused the stock to plunge last week.

Novavax had good news to report on Tuesday, though. The company announced that it's made 1 million doses of COVID-19 vaccine Nuvaxovid available for use in the U.K.

It's difficult to predict how much uptake Nuvaxovid will enjoy in the U.K. Novavax received Conditional Marketing Authorization (CMA) from the country's Medicines and Healthcare products Regulatory Agency (MHRA) in February 2022 for vaccination of adults ages 18 and older. The company picked up another authorization for adolescents ages 12 through 17 last month.

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Source Fool.com