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Novavax earned the FDA’s rapid-tracking designation for the COVID-19 vaccine candidate



Novavax Inc. NVAX,
+ 6.63%
said on Monday it had been granted a rapid follow-up designation by the US Food and Drug Administration for its COVID-19 vaccine candidate, a move that would accelerate vaccine development. The company is aiming to include the candidate NVXCoV2373 in the Phase 3 trial in the US and Mexico by the end of November. “While regulatory review of this clinical program will proceed, Novavax remains is committed to taking a rigorous scientific and data-based approach to proven safety and efficacy, which we believe will support vaccine confidence in the United States and globally “, Gregory M. Glenn, Novavax̵

7;s R&D president, said in a statement. Prior to that, Pfizer Inc. PFE,
+ 7.70%
and BioNTech BNTX,
+ 13.70%
said a phase 3 trial of their vaccine candidate found it to be 90% effective, sparking a sweeping rally in the market that sent Dow futures up 1,500 points. Novavax shares fell 3% in front of the market, but rose more than 2,000% by 2020. SPDR S&P Biotech ETF XBI,
+ 2.11%
increased by 26% and S&P) 500 SPX,
+ 3.34%
has increased by 8.6%.


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