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Research and manufacturing delays have dogged the arrival of a COVID-19 vaccine from Novavax Inc., one of only six selected by the U.S. government’s Operation Warp Speed for a large order. At one point in May, the company’s shares were down 62% from a February high.

On Monday, though, Novavax took a step toward a comeback, announcing that its vaccine was 90.4% effective in preventing mild and moderate COVID-19 in a large trial in the U.S. and Mexico and prevented all severe disease.

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