Novavax: All Eyes on Upcoming FDA Advisory Meeting
29/5 01:36
It’s difficult for most stocks to make any headway in 2022. Inflation, rising interest rates and Russia’s ongoing war on Ukraine have dragged down even those with minimal exposure to the macro headwinds.
For Novavax (NVAX), these worries have been amplified by other considerations. First, there is the prospect of dwindling global demand for Covid-19 vaccines, what with the virus on the backfoot in many parts of the world and there being an oversupply in selected regions. Secondly, in the U.S. at least, the company has yet to get its vaccine NVX-CoV2373 across the finish line.
The result has been a stock which has shed ~75% over the past 6 months.
However, on June 7, the FDA's Vaccines and Related Biological Products Advisory Committee (VRBPAC) will meet to discuss Novavax’s EUA application for use of NVX-CoV2373 as a primary vaccine for adults. Recall, last December, the vaccine was approved for use in adults in the EU.
B. Riley’s Mayank Mamtani is confident the meeting will yield a positive outcome, which could act as a catalyst to push sha...