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By Dhirendra Tripathi
Investing.com – Novavax (NASDAQ: NVAX) stock fell 4.2% on Thursday following an article in Indian newspaper Economic Times that said the company’s launch of the company’s Covid-19 vaccine in the country could take more time.
According to the report, in the absence of its approval in the United States, the Indian drug regulator requested immunogenicity data from the Serum Institute of India. The Indian company is the manufacturer and distributor of Novavax’s Covid vaccine.
While testing is ongoing, data will likely not be submitted until next month, according to the ET report.
Novavax has applied for an authorization for emergency use of the vaccine in India, Indonesia and the Philippines. EUA filing with the US Food and Drug Administrator is not expected to occur until the December quarter. The company is significantly behind Moderna (NASDAQ: MRNA), Pfizer (NYSE: PFE), Johnson & Johnson (NYSE: JNJ) and others in the rollout of its Covid vaccine. This was reflected in its stock price, which is down about 30% from its 52-week high of $ 331.
India would have been a key market for the company given its population and the opportunity it had due to its partnership with SII, the country’s largest vaccine maker. SII also manufactures and distributes AstraZeneca’s Covid vaccine (NASDAQ: AZN), accounting for more than 90% of the vaccines administered so far in the second worst-affected country in the world due to the pandemic.
That window for Novavax may be narrowing at the moment, as the country now vaccinates more than 10 million people a day after a slow start. More than half have now been vaccinated with at least one dose in this country of 1.3 billion people.
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