UPDATE: Cowen Reiterates $150 PT on Novavax (NVAX), Believes 'briefing documents suggest that the vaccine meets all the requirements for approval '
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Rating Summary:
9 Buy, 4 Hold, 4 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Cowen analyst Georgi Yordanov reiterated an Outperform rating and $150.00 price target on Novavax (NASDAQ: NVAX).
The analyst comments " Overall, we believe the briefing documents suggest that the vaccine meets all the requirements for approval and we expect a positive vote at next week's meeting. As for the timing of a potential approval, the Agency does highlight that Novavax is yet to submit final manufacturing comparability data that allow for comparison between the Phase III data and the EUA product. Novavax has disclosed that the FDA has recently completed their on-site inspection of Serum's manufacturing facility in India which appeared to be one of the last gating items to approval of the CMC package. While we await management's commentary on the issues/delays related to the comparability assessment, we continue to believe that the ex-US approvals de-risk the potential EUA approval in the U.S. As for the near-term impact of the potential EUA approval, recall, as part of the OWS funding, Novavax has already committed to supplying the U.S. government with 100MM+ doses of Nuvaxovid, and, therefore, we do not expect that it will have any meaningful near-term revenue implications. However, we do believe this potential approval will remove a major overhang for the stock as it would finally allow Novavax to establish their presence on the U.S. market (as we describe below). Importantly, Nuvaxovid's third-dose booster data suggest strong protection against both major Omicron variants (BA.1 and BA.2) and the company is running Omicron monovalent and bi-valent studies that could support a strain-switch authorization ahead of the fall (topline results expected in Q3)."
For an analyst ratings summary and ratings history on Novavax click here. For more ratings news on Novavax click here.
Shares of Novavax closed at $55.97 yesterday.
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