Shares of Novavax (NASDAQ: NVAX) were jumping 5% higher as of 10:33 a.m. ET on Wednesday after rising as much as 11.2% earlier in the day. The gain came after the U.S. Centers for Disease Control and Prevention (CDC) cleared the way on Tuesday for Novavax's COVID-19 vaccine (NVX-CoV2373) to be used as a two-dose primary series in individuals ages 18 and older.

The CDC's decision came after its Advisory Committee on Immunization Practices (ACIP) unanimously voted to recommend Novavax's vaccine. The U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) to NVX-CoV2373 last week. 

Even with today's gain, Novavax's share price remains below the levels from the days leading up to the FDA's authorization. The vaccine stock plunged last week despite the positive FDA decision, primarily on worries about a report about potential side effects for NVX-CoV2373 and slow uptake in the European Union.

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Source Fool.com