Novavax shares jumped more than 15% on Monday after the company secured a long-awaited U.S. regulatory approval for its COVID-19 vaccine, albeit with new conditions, which helped allay some investor concerns over the future of the shot.

Key Takeaways Novavax received Food and Drug Administration approval for its new, protein-based COVID-19 vaccine.The shot, Nuvaxovid, is designed for older adults and those between the ages of 12 and 64 who have underlying conditions that puts them at higher risk from the disease.

At long last, Novavax has secured a full FDA approval for its protein-based COVID-19 vaccine, though not in the broad population the company had originally sought. | The FDA has approved Novavax’s COVID vaccine in adults ages 65 years and older and in people between the ages of 12 and 64 who have at least one underlying health condition that puts them at high risk for severe COVID outcomes.