COVID Vaccine Stocks Soar As Cases Rise and US Prepares to Roll Out Updated Shots

Shares of Covid vaccine makers surged Monday as cases across the U.S. rise and the nation prepares to launch a fresh immunization campaign with updated shots in time for back-to-school season this fall. 

Novavax led the pack, closing 13% higher at the end of the trading day. Moderna, which released favorable clinical trial results for its updated vaccine last week, saw its shares increase 9%. Shares of BioNTech, which makes Covid vaccines with Pfizer, rose 7% while Pfizer's stock price nudged 1% higher. 

The FDA advised in June that vaccine manufacturers should update their Covid shots to target the omicron subvariant XBB.1.5. The early clinical trial data from Moderna showed its vaccine provides protection against new variants that are surging nationwide. 

"These new results, which show that our updated COVID-19 vaccine generates a robust immune response against the rapidly spreading EG.5 and FL 1.5.1 strains and reflects our updated vaccine's ability to address emerging COVID-19 threats," said Moderna President Stephen Hoge in a statement Aug. 17. 

Reports of pockets of surging cases in New York, Washington, DC and elsewhere also have people on higher alert.

EG.5 and FL 1.5.1 are the leading variants in the country, according to the CDC. EG.5 accounted for an estimated 20% of Covid cases from Aug. 6 to Aug. 19. FL 1.5.1 accounted for 13% during the same period, according to the Centers for Disease Control and Prevention. 

Novavax, Moderna and Pfizer have all already submitted their updated vaccines to the FDA for approval.