24.06.2020 Novavax Daily Analysis

24.06.2020 Novavax Daily Analysis

Novavax today is trading at $69.66; it is trading higher with $3.17 mainly because Novavax has a new, high-powered chief medical officer. The company announced Wednesday that it appointed Filip Dubovsky to the position. An industry veteran with more than 20 years of experience, he was most recently deputy CMO for clinical affairs at another global pharmaceutical major, AstraZeneca. That experience promises to be greatly helpful to Novavax; many eyes are on its NVX-CoV2372 vaccine candidate for the still-spreading SARS-CoV-2 coronavirus. The company is also preparing to submit a Biologics License Application to the FDA for NanoFlu, an influenza vaccine for people over 65. Last month, Novavax announced that it had secured up to $388 million in funding from the Coalition for Epidemic Preparedness Initiatives (CEPI) to help it develop its candidate COVID-19 vaccine. More recently, it announced it was selling $200 million of convertible preferred stock in a private placement deal; the funds raised will be used in the development of both vaccines.On Wednesday, Novavax stock well outperformed the modest gains of the broader market, closing nearly 6.3% higher on the day.