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Novavax surges 50% after company unveils job cuts, positive vaccine data


A health worker prepares a dose of the Novavax vaccine as the Dutch Health Service Organization starts with the Novavax vaccination program on March 21, 2022 in The Hague, Netherlands.Patrick Van Katwijk | Getty ImagesShares of Novavax jumped more than 50% on Tuesday after the company unveiled promising new vaccine data and a broad cost-cutting push that includes major layoffs. The announcements are a sign of hope for investors after last quarter, when the biotech company raised doubts about its ability to stay in business and decided not to provide full-year guidance. Novavax’s shares are now up about 6% so far this year, giving it a market value of nearly $950 million.related investing news 3 hours agoNovavax 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 its first-quarter earnings report.The 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. Novavax shared similar trial results on its stand-alone flu vaccine and new high-dose Covid shot. The company’s Covid vaccine is its lone marketed product after 35 years in business.CNBC Health & Science Read CNBC’s latest global health coverage:Novavax also announced a global cost-cutting plan, which will involve slashing 25% of the company’s workforce. Approximately 20% of the company’s 2,000 full-time equivalent workers will be impacted, a Novavax spokesperson told CNBC. The plan also involves consolidati …

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