Oct. 27, 2021, 8:48 a.m. EDT

Novavax is seeking authorization in the U.K. for its COVID-19 vaccine

Shares of Novavax Inc. (NAS:NVAX) jumped 8.0% in premarket trading on Wednesday after the company said it began submitting its experimental COVID-19 vaccine for authorization in the U.K. Novavax's vaccine candidate is protein-based, meaning it's a different type of vaccine than the mRNA shots developed by BioNTech SE (NAS:BNTX) /Pfizer Inc. (NYS:PFE) and Moderna Inc. (NAS:MRNA) or the ChAdOx1 technology used in the AstraZeneca (NAS:AZN) shots. Novavax's vaccine came out of clinical trials in the U.K. with an overall efficacy rate of 89.7%. The company plans to submit its vaccine candidate to U.S. regulators by the end of the year. Novavax's stock is up 21.0% for the year, while the S&P 500 (S&P:SPX) has gained 21.8%.

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