Novavax (NVAX) PT Raised to $101 at H.C. Wainwright; 'Fireside Chat Bolsters View of NVX-CoV2373'

H.C. Wainwright analyst Vernon Bernardino raised the price target on Novavax (NASDAQ: NVAX) to $101.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "On June 25, as part of H.C. Wainwright’s Virtual Fireside Chat Mini-Conference on Biodefense and Pandemic Preparedness, we hosted Novavax CFO and CBO, John Trizzino, for a discussion on the challenges and opportunities specific to Novavax in developing NVX-CoV2373, the company’s vaccine candidate for SARS-CoV-2, the novel coronavirus (CoV) at the center of the ongoing COVID-19 pandemic. We gained insights that increased our positive view on the prospects for Novavax to realize a sustained commercial opportunity. We had previously estimated the company could realize up to $200M in annual sales. However, with insights gained from our mini-conference that pointed to a CoV market that is likely a sustainable long-term market opportunity (see more below), and backed by a Coalition for Epidemic Preparedness Innovations (CEPI) commitment to invest up to $388M that significantly de-risks clinical development of NVX-CoV2373, we believe Novavax’ capability to be a robust competitor against larger vaccine makers suggests the company could realize >$400M in annual sales of NVX-CoV2373. Therefore, we reiterate our top pick Buy rating on Novavax shares and raise our PT to $101 from our prior $50."

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