No­vavax her­alds the lat­est pos­i­tive snap­shot of ear­ly-stage Covid-19 vac­cine — so why did its stock briefly crater?

High-fly­ing No­vavax $NVAX be­came the lat­est of the Covid-19 vac­cine play­ers to stake out a pos­i­tive set of bio­mark­er da­ta from its ear­ly-stage look at its vac­cine in hu­mans.

Their ad­ju­vant­ed Covid-19 vac­cine was “well-tol­er­at­ed and elicit­ed ro­bust an­ti­body re­spons­es nu­mer­i­cal­ly su­pe­ri­or to that seen in hu­man con­va­les­cent sera,” the com­pa­ny not­ed. Ac­cord­ing to the biotech:

All sub­jects de­vel­oped an­ti-spike IgG an­ti­bod­ies af­ter a sin­gle dose of vac­cine, many of them al­so de­vel­op­ing wild-type virus neu­tral­iz­ing an­ti­body re­spons­es, and af­ter Dose 2, 100% of par­tic­i­pants de­vel­oped wild-type virus neu­tral­iz­ing an­ti­body re­spons­es. Both an­ti-spike IgG and vi­ral neu­tral­iza­tion re­spons­es com­pared fa­vor­ably to re­spons­es from pa­tients with clin­i­cal­ly sig­nif­i­cant COVID‑19 dis­ease. Im­por­tant­ly, the IgG an­ti­body re­sponse was high­ly cor­re­lat­ed with neu­tral­iza­tion titers, demon­strat­ing that a sig­nif­i­cant pro­por­tion of an­ti­bod­ies were func­tion­al.

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