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Novavax’s (NASDAQ: NVAX) share price is up over 20% premarket on Friday after its Covid-19 vaccine was found to be 96% effective in preventing cases of the original coronavirus strain in late-stage trials, the company said.

Novavax shares are trading at $225.40 premarket after a 20.13% move. Before the company announced it was developing a vaccine in 2020, its shares were trading around the $10 mark.

The trial was conducted in the UK and was also found to be 86% effective in protecting against the more contagious coronavirus variant discovered in England.

Overall its effectiveness was around 90% when combining data from both versions of the virus.

The company also conducted a smaller trial in South Africa, with volunteers exposed to another variant circulating in the country. The vaccine was only approximately 55% effective but prevented severe illness and death.

The company s now expected to submit applications for regulatory authorisation in various countries.

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