Novavax skyrockets 41% after US government grants $1.6 billion for coronavirus vaccine creation
Andrew Caballero-Reynolds/AFP
- Novavax shares spiked as much as 40% on Tuesday after receiving $1.6 billion in coronavirus vaccine funding from the US government.
- The award is the largest yet from Operation Warp Speed, the White House's plan to rapidly develop and deliver a viable vaccine for the coronavirus pandemic.
- Part of the grant will fund a Phase 3 trial starting in the fall, according to a press release. Novavax also plans to use the award for delivering 100 million vaccine doses by the end of the year.
- Watch Novavax trade live here.
Novavax stock surged as much as 41% on Tuesday after the US government awarded $1.6 billion to fund the company's coronavirus vaccine trials and manufacturing.
The grant is the largest yet to be paid out through "Operation Warp Speed," the Trump administration's plan to rapidly develop and deliver a coronavirus vaccine. Novavax aims to use some of the funding for a Phase 3 trial beginning in the fall. The award will also aid the firm in delivering 100 million doses by the end of the year, Novavax said in a press release.See the rest of the story at Business Insider
NOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quickly
See Also:
- Top US manufacturing index jumped the most since 1980 in June as reopenings spurred growth
- Stock analysts are having a moment in the sun as the market gets flipped upside down. We spoke to 11 of the top-ranked on Wall Street to get their forecasts and single-stock picks.
- Economists expect the US added 3 million jobs and that the unemployment rate declined in June. Here's what to watch in Thursday's report.