Wedbush Downgrades Novavax (NVAX) to Neutral
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Wedbush downgraded Novavax (NASDAQ: NVAX) from Outperform to Neutral with a price target of $2.00 (from $14.00) after the company posted surprising results last night with its RSV vaccine failing a pivotal study in the elderly
Analsyt Heather Behanna commented, "RSV rates were significantly lower than expected; we believe the fluctuations in the elderly are less understood than we had anticipated. Although we believe the RSV vaccine is viable, we have removed the elderly opportunity from our valuation at this time, pending a path forward; we step to the sidelines and downgrade shares to NEUTRAL"
Shares of Novavax closed at $8.34 yesterday.
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