Novavax climbs after its Covid jab gets FDA approval

American vaccine maker Novavax rose more than 20% in early trading on Monday after it announced that the Food and Drug Administration fully approved its COVID-19 vaccine, Nuvaxovid.

Nuvaxovid is the only protein-based, non-mRNA Covid vaccine available in the US. It was previously available under emergency use authorization, but the approval by the FDA allows it to stay on the market indefinitely.

The announcement is welcome news for vaccine makers amid worries that Robert F. Kennedy Jr., a vaccine skeptic who now leads the Department of Health and Human Services, would curtail access to vaccines. Moderna, which still makes most of its revenue selling its mRNA-based Covid vaccine, also nudged up on the news.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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