Novavax (NVAX) Releases Promising Data on NanoFlu Vaccine, Prompting Upgrade at Citi
Novavax (NASDAQ: NVAX) released ph1/2 results on its influenza vaccine, NanoFlu, late Wednesday. Analyst Joel Beatty, of Citi, views the ph1/2 top-line results as being clearly favorable for the company and has upgraded NVAX's stock rating to Buy (from Neutral). Citi also increased the stocks target price to $3.50 (from $2.75).
"We view the ph1/2 top-line results for NanoFlu as being clearly favorable for NVAX," Beatty said.
The key promising takeaway from the data is that the HAI antibody response for NanoFlu was higher than Fluzone HD for two of the three targeted strains in the vaccine, as well as a historic and forward drifted strain of H3N2, which is the dominant flu strain this season. Detailed top-line results have been submitted for publication. Timing for publication has not been released.
NanoFlu's Ph2 trial is set to begin in Novavax’s 3rd quarter this year.
According to management, this next trial will test a quadrivalent version of NanoFlu, as opposed to the trivalent vaccine used in the most recent trial. Interim results from the study are expected to be released in the 4th quarter.
Shares of NVAX are up 10.6% intra-day to $2.40.
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