Why Novavax Stock Is Soaring This Week

Shares of Novavax (NASDAQ: NVAX) were soaring 28.4% higher this week as of the market close on Thursday, according to data from S&P Global Market Intelligence. Much of this big gain came after the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) recommended granting expanded conditional marketing authorization for Novavax's COVID-19 vaccine, Nuvaxovid (NVX-CoV2373), in adolescents ages 12 through 17.

Novavax already secured authorization for Nuvaxovid in the European Union (EU) for immunizing adults ages 18 and older in December 2021. CHMP's recommendation that the vaccine be authorized for adolescents seems likely to pave the way for the company's sales to increase.

The authorization process in Europe is different than the one followed in the U.S. The CHMP recommendation will be given to the European Commission's Standing Committee on Medicinal Products for Human Use. Unless this committee raises objections, the European Commission should move forward with authorization.

Source Fool.com