Novavax (NVAX) PT Lowered to $31 at Jefferies ahead of Q2

Jefferies analyst Roger Song lowered the price target on Novavax (NASDAQ: NVAX) to $31.00 (from $38.00) while maintaining a Buy rating.

The analyst commented: "We caught up with NVAX ahead of 2Q EPS. Key takes: 1) Co is confident about '24/'25 CV19 season timely launch/ supply with potentially greater market share. 2) Co's own CIC (CV19/flu combo) is on track to start Ph3 in 4Q24, with topline data in 2Q25. 3) Co leans towards partnership for own CIC following positive Ph3 results. 4) Co will keep pushing Opex down in '26+ to focus on early pipeline development likely in non-seasonable vaccines."

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