Novavax Inc. (NVAX) stock gains by 13.59% in the current market trading. Novavax is a biotechnology corporation dedicated to improving global health by discovering, developing, and commercializing novel vaccines to protect people from severe infectious diseases. NVAX’s patented recombinant technology platform blends the strength and pace of genetic engineering to generate highly immunogenic nanoparticles that meet pressing global health needs.
What is happening?
Due to supply shortages, including bags used to develop cells, Novavax has pushed back its production date of 150 million COVID-19 vaccine doses per month until the third quarter, according to a company spokeswoman. Executives from Novavax previously stated that full-scale vaccine development could be achieved by the middle of the year. Reuters reported in January that the company planned to achieve full production capacity in May or June.
The communication Director of Novavax Amy Speak said that on their earnings call, NVAX stated that they expect all capability to be operational by the middle of the year. As they get closer, we’re continuing to fine-tune the timeline, which now leads them to believe that they’ll be online/at maximum capacity by Q3. There have been some supply shortages that have led to the change in a schedule which included bioreactor bags and filters, for instance.
The vaccine was highly successful against the initial strain of the novel coronavirus as well as the more infectious and lethal version first discovered in Britain and now rampant in Europe and the United States, according to data published in March from the UK trial. The data also shows that the shot offers some defense against a particularly dangerous variant that has arisen in South Africa, which some drug makers have suggested could need a booster shot to counter.