Novavax Soars 80% After COVID-19 Vaccine Funding and Earnings

#23675
ThePitBoss
Participant

H.C. Wainwright analyst Vernon Bernardino reiterated a Buy rating on Novavax shares and increased the price target from $33 to $50.

H.C. Wainwright is focused on positive top-line results for Novavax’s pivotal Phase 3 clinical trial for NanoFlu, its Matrix-M adjuvanted recombinant quadrivalent seasonal influenza vaccine candidate for adults 65 and older, Bernardino said in a Tuesday note.

The analyst is of the view that NanoFlu has a clear path to licensure.

A BLA filing for NanoFlu could occur later this year, opening up the possibility of potential commercialization in time for the start of the 2020-2021 flu season, he said.

With the CEPI funding for Novavax’s SARS-CoV-2 vaccine candidate NVX-CoV2373, Bernardino said he places significant attention on the emergent value of the coronavirus vaccine program.

“We believe CEPI’s intended investment, the largest the coalition has made so far, speaks volumes as it shows CEPI has a significant level of confidence in Novavax’ prior experience in creating and advancing clinical-stage vaccines for pandemic flu, Ebola, MERS-CoV, and SARS-CoV (the first CoV), which we believe is underappreciated,” according to H.C. Wainwright.