Updates

** Shares of vaccine maker Novavax NVAX.O rise 12.6% to $9.12

** Stock set for its biggest percentage rise in over two months, if gains hold

** Co's quarterly revenue of $139.5 million beats analysts' average expectation of $78.3 million on strength in vaccine deals

** NVAX says it is continuing efforts to reduce costs, targeting combined research and administrative expenses of about $325 million in 2026 and $225 million in 2027

** Co says it aims to cut those expenses further to between $150 million and $200 million in 2028, representing a reduction of more than 50% compared with 2025 levels

** Maintains its 2026 adjusted revenue forecast to be between $230 million and $270 million, excluding supply sales, royalties and milestones tied to its Sanofi SASY.PA deal

** Including session moves, stock up 33.1% YTD