Novavax Soars 16% as US FDA to Consider JN.1 Variant for Updated COVID Shots

Reuters06-03

Shares of vaccine maker Novavax rise 16% to $17.5 in morning trading.

U.S. Food and Drug Administration (FDA) staff reviewers say COVID-19 vaccine makers should consider targeting one of the currently dominant JN.1 variants and JN.1-derived sub-variants for 2024-25 vaccine campaign.

A committee of experts advising FDA is set to meet on Wednesday.

Committee will discuss design of COVID vaccines and vote whether to recommend shots target JN.1 variant that was dominant earlier this year.

NVAX has said it will only be able to offer a COVID vaccine in U.S. this autumn if regulators accept the shot it has started manufacturing that targets JN.1 variant.

Pfizer and U.S.-listed shares of BioNTech up 2% each, Moderna up 4%.

Shots based on mRNA from PFE, BNTX and Moderna are quicker to develop than NVAX's protein-based shots.

Including session's move, NVAX shares have soared more than 260% YTD.

YTD, PFE up about 2%, BNTX down ~2% and MRNA up ~50%.

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