By Dhirendra Tripathi

Investing.com – Novavax stock (NASDAQ:) jumped 4.2% Tuesday after the company’s Covid-19 vaccine secured emergency use approval from India’s drug regulator.

Novavax approval is coming at a moment when Omicron cases are starting to rise, even though there are few of them and hospitalization rates are low.

Earlier this month, the company said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against Omicron and other variants. The company stated that a third dose, six months later, showed an even greater response.

Serum Institute of India is responsible for the production of vaccines.

India, the world’s second most populous nation, was one of the world’s most affected by the pandemic, mostly owing to the delta variant that raged through the country in April-May.

The country has mostly relied on AstraZeneca’s vaccine and Bharat Biotech’s Covaxin to vaccinate its citizens. The country has more than one billion citizens who have received at least one dose of the vaccine. Over 61% have received both doses.

Novavax’s vaccine has been approved by the WHO, the EU, Indonesia and the Philippines. By Friday, the company plans to file for FDA approval.