The Food and Drug Administration's Vaccine Advisory Panel has backed the long-delayed Covid-19 vaccine of Novavax NVAX-2.38%, saying the benefits exceed the risks.

The stock rose 17% to $ 55.60 in pre-market trading on Wednesday.

The panel voted zero on Tuesday 21 in favor of the proposal that the benefits of the vaccine exceed its risk, with a stay.

The panel, however, expressed frustration that no further data was available on the effectiveness of the vaccine against recent forms of the virus.

However,it's now up to the FDA to decide whether the vaccine will be approved on an emergency basis.