Novavax (NVAX): Cutting PT After RSV-F Disappoints - Wedbush
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Wedbush analyst, Heather Behanna, cut her PT to $1.50 after Novavax (NASDAQ: NVAX) shared more data from its Phase III study of RSV-F in adults 60 years of age or older.
The analyst views the numbers as small and believes it is impossible to draw any conclusion on efficacy of the vaccine. The company will look at other formulations of the vaccine with adjuvant to boost its activity; we do not include the elderly in our valuation of the company at this time. A maternal immunization study is ongoing; Novavax will work with FDA to provide an interim look at data in 2H17.
Additionally, the company is actively working on a zika vaccine and announced a restructuring plan to reduce expense. With a high degree of clinical uncertainty and financial risk due to debt, the analyst stays on the sidelines regarding NVAX shares. We have adjusted timelines, lowering our price target to $1.50.
Neutral Novavax (NASDAQ: NVAX) price target of $1.50 (from $2.00)
Shares of Novavax closed at $1.70 yesterday.
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