Benzinga | Nov 5, 2021 09:32AM EDT

Why Novavax Shares Are Rising During Thursday's After-Hours Session

Novavax, Inc. (NASDAQ:NVAX) shares are trading higher after the company reported third-quarter earnings results.

Novavax reported quarterly losses of $4.31 per share which missed the analyst consensus estimate of a loss of $3.91. Novavax reported quarterly sales of $178.84 million which missed the analyst consensus estimate of $334.62 million by 47%. This is a 14% increase over sales of $157.02 million in the same period last year.

"We are excited by the significant progress made over the quarter, including our landmark milestone of gaining the first regulatory approval for our COVID-19 vaccine," said Stanley C. Erck, President and Chief Executive Officer, Novavax.

"With additional regulatory submissions around the world, we are prepared to deliver our vaccine globally. We believe the highly encouraging results from our six-month booster study complement the strong efficacy demonstrated by NVX-CoV2373 to date, and we remain confident that our vaccine will serve as an important tool to fight COVID-19 in the years to come," Erck stated.

Novavax has a 52-week high of $331.68 and a 52-week low of $76.59.