Novavax could struggle to find a U.S. market for its Covid vaccine, according to the latest IBD/TIPP Poll. But NVAX stock leapt higher Tuesday.
The regulatory future for Novavax's two-dose Covid vaccine remains uncertain. A unanimous panel of advisors to the Food and Drug Administration voted in favor of the vaccine's benefits. There was one abstention. But the agency has yet to make a decision on the shot. It's now mulling a last-minute manufacturing update from Novavax.
Further, the market opportunity for Novavax could be slim. Just 28% of those surveyed by IBD/TIPP had heard of Novavax. Of that group, less than half would get the Novavax shot, 46%. Another roughly four in 10 — or 39% — wouldn't.
Still, on today's stock market, NVAX stock jumped 6.7% to 38.71. That reversed from a 10.7% dive on Monday, which was in line with the broader market amid inflation worries.
NVAX Stock: Well Known On The Coasts
Of those who know of Novavax, the lion's share are in the Northeast and West. The middle of the country is less aware of the company. Similarly, people living in those regions said they were more likely to seek the protein-based shot from Novavax.
By far, the most likely age group to receive Novavax's jab are people ages 25-44. Of those who knew of Novavax in that age group, more than two-thirds, 67%, said they would likely get the company's shot.
Novavax has suggested it could take up slack where people are hesitant to receive the suite of currently authorized vaccines. The protein-based shot differs from the messenger RNA approach Pfizer with BioNTech and, separately, Moderna took. Johnson & Johnson's jab is also authorized in the U.S. and uses an older technology to deliver its vaccine. But the effectiveness and safety of the one-shot vaccine have been called into question.
Targeting mRNA Hesitancy
Novavax notes a number of Americans have yet to get a Covid shot. Many have expressed reluctance due to the new nature of the mRNA vaccines. The Pfizer/BioNTech and Moderna shots are the first mRNA products to win authorization and broadly launch.
To date, about two-thirds of the U.S. population is fully vaccinated, according to the CDC. But that figure includes all people, including children under the age of 5 who aren't yet eligible for a Covid shot. Of all adults — the population Novavax is currently seeking to inoculate — about 77% are fully vaccinated.
NVAX stock remains below its 50-day moving average and 200-day line, according to MarketSmith.com. Shares also have middling to poor ratings, according to IBD Digital.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
