Novavax (NVAX) PT Reduced To $1.25 At Oppenheimer
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Oppenheimer analyst, Kevin DeGeeter, reiterated his Outperform on Novavax (NASDAQ: NVAX) but cut his price target to $1.25 (from $1.50) after NVAX reported 4Q18 financial results and provided important operating updates. The analyst offered 3 key takeaways:
1) disclosure that $40.8M was raised under ATM program in 1Q19 extending cash runway into late 2019, by our estimates
2) expectation for business development to move quickly once regulatory discussions are completed for ResVax and NanoFlu
3) optimism the current relationship with the Gates Foundation for ResVax can be extended
The analyst stated "Our base case assumes FDA seeks an additional study for ResVax prior to approval but the product is approved in the EU (or another jurisdiction) allowing for distribution of the product in developing markets".
Shares of Novavax closed at $0.52 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, FDA
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