Novavax surges more than 25% after company unveils job cuts, positive vaccine data

The announcements are a sign of hope for investors after last quarter, when the biotech companyNovavax is now betting on its cost controls and new vaccines to help it stay afloat, forecasting 2023 sales of $1.4 billion to $1.6 billion, according to itsThe Gaithersburg, Maryland-based company said its combination vaccine that targets both Covid and the flu produced a strong immune response against the viruses and was well-tolerated in a phase two trial.

Analysts expected the company to rake in $87.6 million in revenue for the quarter, according to Refinitiv survey. Novavax shares were down 27% for the year through Monday's close, putting the company's market value at roughly $643 million.The company raced against Pfizer and Moderna to develop the first Covid vaccine early in the pandemic. But Novavax's efforts were hindered byNovavax's shot finally won Food and Drug Administrationon Novavax's Covid booster. But most Americans had already opted for Pfizer and Moderna's updated omicron boosters by then.

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