Five-star analyst Mayank Mamtani at B. Riley FBR on Monday raised his price target on the biotech stock to $53 a share from $43 and kept his Buy rating,
This was following a meeting with Novavax management to review progress on on its COVID-19 vaccine development.
“We believe NVAX not only offers a clinically validated adjuvanted recombinant nanoparticle platform (recently reporting overwhelmingly positive data in the Ph. III NanoFlu) but, also, demonstrates the ability to illicit a potent immune response at extremely low doses, boding favorably for both safety and scalability, with management guiding to 100M doses by YE20 and >1B during 2021,” Mamtani wrote in a note to investors. “With a regulatory path becoming relatively clearer, likely on the basis of Ph. IIb results by leveraging Emergency Use Authorization (EUA), we increase the probability of success, from 25% to 40%, which drives our PT increase.”