U.S. to buy 3.2 million doses of Novavax’s COVID-19 vaccine if authorized

The U.S. government purchased 3.2 million doses of Novavax Inc.’s still-investigational COVID-19 vaccine. Novavax’s recombinant protein-based vaccine uses different technology than the mRNA shots developed by Moderna Inc. and BioNTech SE . The vaccine still has to receive authorization from the Food and Drug Administration and the OK from the Centers for Disease Control and Prevention, though an FDA advisory committee has already recommended authorization of the two-dose vaccine. Novavax’s stock is down 46.8% this year, while the S&P 500 has declined 18.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.