Novavax Stock Soars on FDA Approval for COVID Vaccine

Core Insights - Novavax Inc's stock price surged by 26% to $8.48 following FDA approval of its COVID-19 vaccine, Nuvaxovid, which is protein-based and targets individuals aged 12 to 64 with underlying health conditions [1] Stock Performance - If the gains are sustained, this will be Novavax's highest single-day percentage increase since May, surpassing long-term resistance levels and trading at its highest since March, moving away from the 52-week low of $5.01 recorded on April 10 [2] Options Activity - The options market has seen a significant increase in activity, with NVAX experiencing four times its usual options volume, including 57,000 calls and 13,000 puts. The most active option is the weekly 5/23 9-strike call [4] - Short interest accounts for 28.6% of the stock's available float, indicating that part of the stock's rise may be due to short covering, with an estimated seven days required for shorts to cover their positions at the current trading pace [4]