Why Novavax Stock Is Jumping Today

Shares of Novavax (NASDAQ: NVAX) were jumping 3.1% as of 10:01 a.m. ET on Wednesday after rising as much as 11.3% earlier in the day. The move came after a U.S. Food and Drug Administration (FDA) advisory committee voted 21-0 with one abstention on Tuesday in favor of recommending Emergency Use Authorization (EUA) for Novavax's COVID-19 vaccine NVX-CoV2373.

The FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC) concluded that the benefits of NVX-CoV2373 outweighed any potential risks. One of those risks was highlighted in the FDA's briefing documents released last week. The data for NVX-CoV2373 revealed multiple adverse events of myocarditis (inflammation of the heart). 

Some investors were worried about the possible impact on Novavax's prospects with the advisory committee's deliberations. The vaccine stock plunged close to 20% at one point last week.

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Source Fool.com