Novavax, Inc. (NASDAQ: NVAX) is edging up in the market this morning, and for good reason. The company announced leadership promotions. While the excitement seems to be tappered thanks to the bloodshed in the market yesterday, the stock is seeing small gains early on in the pre-market. Today, we’ll talk about:
- The management update;
- what we’re seeing from NVAX; and
- what we’ll be watching for with regard to the stock ahead.
NVAX Announces Leadership Promotions
As mentioned above, Novavax is edging up in the market this morning after the company announced promotions within its leadership team. In a press release issued early this morning, the company announced the promotion of Jill Hoyt to Senior Vice President of Human Resources and Biegie Lee to Vic President of Information Technology.
In the release, NVAX reminded investors that Ms. Hoyt joined the team back in 2008 with full responsibility for human resources duties and activities. She played a significant role in the development and expansion in the company’s employee base in both the United States and Sweden.
The company also said that Mr. Lee will be responsible for leading its information technology operations, network infrastructure, enterprise applications, project management and cybersecurity platforms. Previously, Mr. Lee held positions of increasing responsibility at Human Genome Sciences, leading up to its acquisition by GlaxoSmithKline.
In a statement, Stanley Erck, President and CEO at NVAX, had the following to offer:
I am thrilled to announce these two important management promotions; Jill and Biegie are vital parts of a seasoned executive team striving to accomplish our near and long-term corporate objectives… Jill has been working with me and the senior leadership team to hire, develop and support employees of this company, which is consistently being recognized as one of the best in the biopharmaceutical industry. Biegie has been leading Novavax’ efforts to preserve, protect and support our robust IT infrastructure, an important function given our needs around the ongoing management of enourmous amounts of data with complex information system tools.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. While the news from Novavax was overwhelmingly positive, the reaction in the market seems to be dampened by fears after a rough day market-wide yesterday. Nonetheless, the stock is edging up as investors show their approval of the promotions. Currently (7:33), NVAX is trading at $2.05 per share after a gain of $0.02 per share or 0.99% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on NVAX. In particular, we’re interested in following the continued growth of the company as Ms. Hoyt and Mr. Lee take charge within their new positions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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