What happened Shares of Novavax (NASDAQ: NVAX) climbed on Thursday after the biotechnology company released positive data for its COVID-19 vaccine candidate, NVX-CoV2373. As of 12:25 p.m. EDT, Novavax's stock was up 3% after rising as much as 10.8% earlier in the day. Novavax's gains came even as U.S. stock markets sank. So what Results from Novavax's phase 1 trial of NVX-CoV2373 published in The New England Journal of Medicine showed the antibody responses the experimental vaccine induced in study participants compared favorably to people who recovered from COVID-19. NVX-CoV2373 was also generally well tolerated, with no serious adverse events reported. Novavax stock climbed even as the markets fell sharply on Thursday. Image source: Getty Images. "The rapid publication of Phase 1 results from our trial in a prestigious peer-reviewed journal reflects both the importance of the data and the urgent need for an effective vaccine to slow the COVID-19 pandemic," Novavax's president of research and development, Gregory Glenn, said in a press release. Now what Novavax currently has several phase 2 trials for NVX-CoV2373 underway. The studies will further evaluate the vaccine candidate's safety profile and ability to elicit a favorable immune response, including in adults aged 60-84. (Phase 1 study participants were adults aged 18-59.) The promising early results from its trials have allowed Novavax to obtain $2 billion in funding for its vaccine development efforts. The company has also secured supply contracts with multiple governments -- including the U.S., Japan, India, South Korea, the U.K., and Canada -- in recent weeks, though these deals are all dependent on the experimental vaccine receiving regulatory approval. Thus, investors should keep their focus on Novavax's clinical-trial results. The company expects to share interim data from its phase 2 trial in the fourth quarter. 10 stocks we like better than NovavaxWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Novavax wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source