Benzinga | Nov 17, 2021 10:50AM EST

Why Novavax Shares Are Rising

Novavax, Inc. (NASDAQ:NVAX) shares are trading higher after the company, along with Serum Institute of India, announced the Philippine FDA has granted emergency use authorization for Novavax's COVID-19 vaccine.

"Today's announcement from EMA brings Novavax another step closer to our goal of ensuring broad global access to our protein-based COVID-19 vaccine across Europe," said Stanley C. Erck, President and Chief Executive Officer, Novavax.

"Novavax looks forward to providing an additional vaccine option in Europe, built on a proven, well-understood technology platform, and thanks the European Commission for its ongoing partnership and confidence in our COVID-19 program," Erck stated.

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Novavax has a 52-week high of $331.68 and a 52-week low of $85.62.