Novavax (NVAX) shares surged 5.24% in pre-market trading on Friday, as investors reacted positively to several recent developments surrounding the biotech company.

Firstly, BTIG initiated coverage on Novavax with a Buy rating and a $19 price target, reflecting the analyst firm's optimism about the company's prospects. This positive analyst coverage likely boosted investor sentiment and contributed to the stock's upward movement.

Furthermore, Novavax's recently announced partnership with pharmaceutical giant Sanofi has also fueled investor enthusiasm. Under the agreement, Sanofi gained commercial rights to Novavax's COVID-19 vaccine in most countries worldwide, in addition to the rights to use Novavax's adjuvant technology for its own vaccine candidates. This deal not only provided Novavax with a substantial upfront payment and potential milestone payments but also secured a strong commercialization partner for its COVID-19 vaccine.

Investors were also encouraged by Novavax's efforts to advance its pipeline and reduce costs. The company initiated a Phase 3 trial for its COVID-19 influenza combination vaccine and standalone influenza vaccine, targeting adults aged 65 and older. Additionally, Novavax sold its Czech Republic manufacturing facility, significantly reducing its operating costs.