Guggenheim Names Novavax (NVAX) its Best Idea
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Guggenheim analyst William Tanner named Novavax (NASDAQ: NVAX) its Best Idea and reiterated a Buy rating and price target of $25.
Tanner commented, "We are designating NVAX shares as our Best Idea ahead of the release of top-line data (3Q16 per management guidance) from the Phase 3 Resolve trial of the RSV vaccine in older adults. If safe and effective, we believe it will become the first active vaccine marketed for preventing RSV infection. A significant, global unmet medical need should position Novavax well in negotiations with potential partners seeking ex-U.S. commercial rights, we believe. Release of the Resolve data could create substantial share volatility and we remind investors that the company possesses other assets that could also create share value, namely, the seasonal influenza vaccine and programs in other infectious diseases such as Zika"
Shares of Novavax closed at $6.87 yesterday.
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