Jefferies analyst Kelechi Chikere lowered the price target on Novavax (NASDAQ: NVAX) to $235.00 (from $310.00) after the company reported Q1 results and updated timelines for its CV-19 vaccine.

The analyst reiterated a Buy rating expecting "a measured rollout in 2021 with a large pickup in the first half of 2022. Investors will be disappointed as it means sales in 2021 are likely to be modest, MRNA vaccines have more time to gain mindshare and more vaccines potentially enter the mkt. While recognizing the NT headwinds, we remain (+) on the mid to long-term outlook for NVAX's CV-19 vaccine prgm."