Over the last few days, shares of Novavax (NVAX) exploded higher.
All after the U.S. government awarded the company a $1.6 billion contract to cover the testing, commercialization, and manufacturing of a potential vaccine — the biggest award issued from the White House’s “Operation Warp Speed” program.
“What this Warp Speed award does is it pays for production of 100 million doses, which would be delivered starting in the fourth quarter of this year, and may be completed by January or February of next year,” Novavax Chief Executive Stanley Erck told Reuters.
The award will also cover the cost of a large Phase III trial as well.
“Adding Novavax’ candidate to Operation Warp Speed’s diverse portfolio of vaccines increases the odds that we will have a safe, effective vaccine as soon as the end of this year,” Health and Human Services Secretary Alex Azar said, as quoted by Barron’s.
Further progress from NVAX could easily send the stock to $150, near-term, we believe. In fact, our Biotech program profited on the latest move from $72.72 to $108.
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