The Pandemic is Not Over, Novavax (NVAX) PT Raised to $272 at Cantor Fitzgerald

Cantor Fitzgerald analyst William Tanner raised the price target on Novavax (NASDAQ: NVAX) to $272.00 (from $217.00) on enhanced conviction for the SARS-CoV-2 vaccine candidate NVX-CoV2373 (‘2373), which had positive top line data from its second P3 study, the US/Mexico PREVENT-19 trial.

The analyst reiterated an Overweight rating, stating "we believe the P3 data reduce clinical and regulatory risk for a differentiated clinical and logistics profile for ‘2373 and facilitate EUA submissions we expect in 3Q21, perhaps with approvals in several countries yet in 2021." He went on to state "we highlight that we believe the pandemic is not over and that the need to diversify vaccine technology armamentarium exists for the current scourge and others that may occur in the future. There are many countries that have no or low vaccination rates and product availability. Initially, we expect the majority of the first ‘2373 product to be distributed to lower and middle income countries, where there is great unmet need, if approved".

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