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.

Novavax finally won approval of a Covid-19 vaccine after facing setback after setback that caused the stock to plunge more than 50% in the past year.The stock surged 20% to $8.10 in early trading Monday.

The U.S. Food and Drug Administration approved Novavax's COVIDd-19 vaccine with age restrictions after a six-week delay.