Shares of Novavax Inc. soared 14% in premarket trading Friday, after the biotechnology company said it was awarded a contract by the U.S. Department of Defense to manufacture its NVX‑CoV2373 COVID-19 vaccine candidate. The DoD has agreed to provide Novavax with up to $60 million to fund the production of several components of the potential vaccine in the U.S. As part of the contract, announced late Thursday, Novavax agreed to delivery in 2020 10 million doses of NVX‑CoV2373 for DoD that could be used in phase 2/3 clinical trials, or under an Emergency Use Authorization if approved by the Food and Drug Administration. On Friday, J.P. Morgan analyst analyst Eric Joseph upgraded Novavax's stock to neutral from underweight, while reiterating his $46 stock price target, saying current share price levels reflect the potential promise for the COVID-19 vaccine program. The stock has rocketed more than 11-fold year to date through Thursday (up 1,022%), while the S&P 500 has slipped 3.7%.
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