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The U.S. Food and Drug Administration (FDA) may approve updated COVID-19 vaccines this week to combat recent strains as the country endures its most significant summer outbreak in two years.
The FDA is expected to give the nod to updated mRNA vaccines from Moderna, Inc. (NASDAQ:MRNA) and Pfizer Inc. (NYSE:PFE), which is collaborating with BioNTech SE (NASDAQ:BNTX), to fight a COVID strain called KP.2, CNN reported Sunday.
It was uncertain whether the agency would approve Novovax, Inc.’s (NASDAQ:NVAX) most recent vaccine for COVID’s JN.1 strain at the same time, the report said.
Representatives for Pfizer and Moderna told CNN they have plenty of updated COVID vaccines ready for shipment to stores upon approval.
Novovax executives said in a conference call last week that the company’s updated vaccine would arrive in warehouses for distribution some time this month because its vaccine is based on protein technology and therefore takes longer to make.
Summer COVID Wave: Levels of the SARS-CoV-2 virus, COVID-19’s cause, measured in wastewater are at "very high" levels across the U.S., Centers for Disease Control and Prevention data shows.
COVID waves result from waning immunity and new variants, according to experts. According to CDC data, the KP.3.1.1 strain accounts for 37% of cases over the last two weeks, tripling from a month ago.
KP.3.1.1 and KP.2 are both JN.1 offshoots, and all three are versions of the Omicron variant.
As of Aug. 13, COVID-19 infections are growing or likely growing in 25 states, declining or likely declining in five states and are stable or uncertain in 17 states, according to CDC data.
States where infections are growing include Alabama, North Dakota, South Dakota, Georgia, Kentucky, Massachusetts, New Hampshire, Vermont and Virginia.
Price Action: Moderna, Pfizer and Novovax made gains into Monday’s late-morning trading, while most of the exchange-traded funds that track them also trended upward.
ETFs with Moderna, which gained 1.72% to $88.33.
ETFs with Pfizer, which rose 1.55% to $28.74.
ETFs with Novovax, which shot up 5.98% to $13.73.
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