Novavax jumps as FDA panel backs COVID-19 vaccine

• Outside reviewers voted 21-0 in favor of vaccines for people aged 18 years and above

Novavax Inc (NASDAQ: NVAX) shares surged on Wednesday to more than 11% after advisers to the US Food and Drug Administration (FDA) overwhelmingly backed the use of its COVID-19 vaccine.

The drugmaker tumbled around 20% on Friday after the heath regulator's experts flagged concerns around a type of heart inflammation following the vaccination, adding uncertainty.

However, the outside reviewers voted 21-0 with one abstention in favor of the vaccine for people aged 18 years and above, indicating that the FDA could soon authorize the fourth vaccine in the US, where Novavax hopes it would become the shot of choice among vaccine skeptics.