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Novavax Inc.’s
NVAX,
new COVID shot got a green light from the U.S. Food and Drug Administration Tuesday.
The FDA authorized the vaccine for people 12 years of age and older, giving individuals seeking updated COVID shots a third option after new Pfizer Inc.
PFE,
and Moderna Inc.
MRNA,
vaccines were approved last month.
Novavax shares jumped more than 12% Tuesday on news of the approval. The stock has dropped more than 21% in the year to date, while the S&P 500
SPX
has gained 10%.
Unlike the Pfizer-BioNTech
BNTX,
and Moderna vaccines, which use mRNA technology, the Novavax shot triggers the immune response with a more traditional, protein-based approach.
People previously vaccinated with any COVID vaccine can get one dose of the new Novavax shot, the FDA said. People who have not been previously vaccinated and choose to get the Novavax shot should get two doses, three weeks apart, the agency said.
This season’s new shots were designed to target the omicron subvariant XBB.1.5 but also appear to be effective against newer variants, according to the vaccine makers. Novavax said in August that its new shot appeared effective against the EG.5.1 “Eris” and XBB.1.16.6 variants.
