Novavax climbs on long-awaited FDA approval of COVID-19 vaccine

Shares of vaccine maker Novavax NVAX.O rise 16% to $7.81 premarket

The U.S. FDA has approved NVAX's COVID-19 vaccine, Nuvaxovid, under certain conditions

The vaccine's approval had been delayed since April 1, but NVAX said it is not concerned about the limited approval

The vaccine will need additional approval to change the strain of the virus it targets for future COVID-19 seasons

It is a "win for NVAX amid FDA changes", enabling NVAX to gain "full-license" status, Jefferies analyst Roger Song said in a note

The jab has been sold under an emergency use authorization since 2022

As of last close, stock down 16.3% YTD