We may soon have a third major COVID-19 vaccine on the way, as Novavax (NVAX) seeks to join Pfizer and Moderna for approval and widespread distribution. Novavax announced today that its experimental vaccine would enter phase three study in the U.S. Its vaccine is already in phase three in the U.K.
The U.S. federal government will fund the study under the Biomedical Advanced Research and Development Authority (BARDA) and the National Institute of Allergy and Infectious Diseases (NIAID). The Feds want as many COVID-19 vaccines as it can get:
“We’ve come this far, this fast, but we need to get to the finish line,” Dr. Francis Collins, director of the National Institutes of Health, said in a statement. “That will require multiple vaccines using different approaches to ensure everyone is protected safely and effectively from this deadly disease.”
Like other COVID-19 vaccines, patients will need two shots of the Novavax vaccine, spread out over two or three weeks. But unlike, the Pfizer and Moderna vaccines, Novavax’ formula won’t require special, super-cold freezers. This could give Novavax a distinct distribution advantage if it gets final approval.
The Maryland-based vaccine company saw its stock shoot to the moon this year until August, when a delay in its vaccine progress prompted a strong sell-off. But today’s positive news could be a chance for investors to buy the dip.