Shares of Novavax Inc (NASDAQ:NVAX) are trading higher Wednesday. The move comes as a major clinical victory in the oncology space generated widespread momentum across vaccine developers and the broader biotechnology sector.
Novavax shares are climbing with conviction. Why are NVAX shares rallying?
Merck-Moderna Clinical Breakthrough Triggers Industry-Wide Momentum
The catalyst lifting Novavax stems from landmark Phase 3 INTerpath-001 trial results released Wednesday by Merck & Co Inc and Moderna Inc. The partners announced that their individualized mRNA cancer vaccine, intismeran autogene, combined with Keytruda significantly improved recurrence-free survival in advanced melanoma patients.
The historical readout, representing the first positive Phase 3 win for a custom cancer therapy, ignited a massive risk-on rally across the biopharmaceutical space. The SPDR S&P Biotech ETF (NYSE:XBI) spiked more than 4% early Wednesday, lifting pure-play vaccine makers alongside drug developers.
