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Biotechnology company Novavax (NASDAQ: NVAX) shares are falling on Monday, despite the company announcing positive news that its PREVENT-19 pivotal Phase 3 efficacy trial of its Covid-19.

Novavax shares are trading 6.45% lower at $121 at the time of this publication.

Its vaccine's late-stage trial will be held across 115 sites in the US and Mexico with up to 30,000 participants enrolling. Two-thirds of enrollees will receive the vaccine with the remaining third receiving a placebo.

The trial has benefitted from over $1.6 billion from the Trump administrations Operation Warp Speed programme and is already testing the vaccine in Phase 3 trials in the UK.

“With the COVID-19 pandemic raging around the globe, this trial is a critical step in building the global portfolio of safe and effective vaccines to protect the world’s population,” said Stanley C. Erck, president and CEO of Novavax.

Novavax said that its vaccine is stable at 2 and 8 C and is shipped, ready to use in liquid formation, meaning it does not require the same ultra-cold storage as the Pfizer/BioNTech vaccine.

Data from its trial in the UK is expected in the first quarter of 2021.

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