The FDA grants full approval to Novavax's protein-based COVID-19 vaccine after nearly a two-month delay, albeit with some new conditions.

Shares of Novavax NVAX surged nearly 26% in pre-market trading today after its protein-based COVID-19 vaccine, Nuvaxovid, received the long-awaited approval from the FDA, albeit with a narrower label than initially expected.

In the options pits, NVAX has already seen quadruple the overall options volume it typically sees in an entire session, with 57,000 calls and 13,000 puts exchanged so far. The weekly 5/23 9-strike call is the most active, with new positions opening there.