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Novavax stock surges after hours on coronavirus funding, results - MarketWatch

Novavax stock surges after hours on coronavirus funding, results - MarketWatch

Novavax stock surges after hours on coronavirus funding, results - MarketWatch

Novavax Inc. NVAX, +30.80% shares rallied in the extended session Monday after the biotech company said it received a big investment for its COVID-19 vaccine candidate and topped Wall Street expectations for the quarter. Novavax shares surged 16% after hours, following a 31% rally in the regular session to close at $24.50. The company said the Coalition for Epidemic Preparedness Innovations will invest up to $384 million in the development of NVX-CoV2373, Novavax's vaccine candidate for SARS-CoV-2, the coronavirus that causes COVID-19. Funding will be used for combined safety and effectiveness testing of the vaccine, Novavax said. The company also reported a first-quarter loss of $25.9 million, or 58 cents a share, compared a loss of $43.2 million, or $2.11 a share, in the year-ago period. Revenue declined to $3.4 million from $4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 69 cents a share on revenue of $1.9 million.


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