Novavax Inc. NVAX, +7.28% said Friday that it has initiated a Phase 2 trial for its COVID-19-Influenza Combination (CIC) vaccine candidate, as well as for a stand-alone flu vaccine candidate. The biotechnology company said the trial will evaluate the safety and effectiveness of different formulations of the CIC and flu vaccine candidates in peopled aged 50 through 80. “We believe that like influenza, COVID-19 will also be seasonal moving forward, and that there is room in the market for new alternatives to provide better protection against the impact of influenza, particularly in older adults, and to explore the potential to combine this with protection from COVID,” said Chief Executive Stanley Erck. The company said it expects initial results from the Phase 2 trial in mid-year 2023. The stock fell 1.9% in premarket trading Friday, after surging 9.7% over the past two days off a more-than 2 1/2-year low on Tuesday. Year to date, the stock has plummeted 93.2% through Thursday, while the iShares Biotechnology ETF IBB, +2.30% has declined 13.9% and the S&P 500 SPX, +1.75% has lost 19.2%.