Novavax (NVAX) October 11 Meeting Date was 'Aggressive' - FBR Says
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FBR Capital analyst Vernon Bernardino weighed in on Novavax (NASDAQ: NVAX), which is down 5% mid-day on investors concerns after the company rescheduled its annual investor meeting from next Tuesday, October 11, to Wednesday, November 9.
Bernardino said the event was highly anticipated to provide additional details on the RSV vaccine RESOLVE Phase III trial in older adults (60 years of age and older), whose topline results were announced in September 2016, and showed the pre-specified primary and secondary efficacy objectives were not met.
Bernardino commented, "We think that NVAX did the right thing in their fiduciary responsibility to disclose results early as they were material to making an investment decision. However, given the volume of data collected in RESOLVE, a study designed to support a Biologics Licensing Application (BLA), we had thought that holding the event and having detailed data ready for presentation on October 11 was aggressive. We look for a detailed analysis of biological samples to show a Phase III clinical trial with a prime boost strategy (consecutive annual vaccination) may be used to generate data that support a BLA."
The firm maintained an Outperform rating and price target of $12 onNVAX.
Shares of Novavax closed at $1.88 yesterday.
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