As the company reported mixed results, shares of Novavax were trading in the red zone immediately after the earnings announcement. However, NVAX stock turned to positive territory later in the after-market hours.
“Since identifying a candidate vaccine to address the COVID-19 pandemic in March, we’ve secured significant funding, implemented global manufacturing capacity and completed and reported our successful Phase 1 trial,” said CEO Stanley Erck.
During the second quarter, Novavax secured $2 billion in funding for development and commercialization of its COVID vaccine NVX-CoV2373 program, which included funding from:
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- U.S. Government’s Operation Warp Speed (OWS)
- U.S. Department of Defense (DoD)
- Coalition for Epidemic Preparedness Innovations (CEPI)
NVAX stock, which hit a new 52-week high ($189.40) last week, closed up 4.83% today at $178.51.
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