Novavax shares jump as FDA panel backs COVID vaccine

June 8 (Reuters) - Shares of Novavax Inc (NVAX.O) surged nearly 20% on Wednesday

after advisers to the Food and Drug Administration overwhelmingly backed the use of its COVID-19 vaccine,

bringing the shot a step closer to a U.S. launch.

The stock tumbled about 20% on Friday after the heath regulator's reviewers flagged concerns of a type of heart inflammation following the vaccination,

adding uncertainty over the outcome of Tuesday's meeting.

The stock tumbled about 20% on Friday after the heath regulator's reviewers flagged concerns of a type of heart inflammation following the vaccination,

The positive vote "acknowledges the strength of our data and the importance of a protein-based Covid-19 vaccine", Novavax Chief Executive Officer Stanley Erck said on Tuesday

The FDA panel voting is a positive development for Novavax, analysts said, as it reduces uncertainty around a vaccine that has had a long path to authorization.

The vote marks a "challenge to the dominance of mRNA vaccines in the COVID-19 market," said SVB Securities analyst Mani Foroohar in a note.