Novavax stock is soaring on news the FDA set a deadline by which to approve or reject its COVID-19 vaccine.
Novavax stock zipped higher and then plunged Thursday after the FDA set a potential approval date for its Covid vaccine in April.
Drugmakers are aiming to launch this year’s shots by the beginning of September but have been waiting on the FDA to decide which strain of the virus to target. At their meeting on Wednesday, the FDA’s advisers nevertheless recommended that this year’s shots target JN.1, saying they expect a JN.1 shot to offer sufficient protection against the strain’s descendants.