Novavax price target raised to $88 from $45 at Cantor Fitzgerald

Cantor Fitzgerald analyst Charles Duncan raised the firm’s price target on Novavax to $88 from $45 and reiterates an Overweight rating on the shares. The stock closed Thursday up $3.86 to $59.27. The recent additions of “well-known and established biotech veterans” to Novavax’s executive team are “value-creating” due to experience and “fresh thinking,” Duncan tells investors in a research note. The analyst sees Filip Dubovsky being named Chief Medical Officer and Silvia Taylor named SVP, Investor Relations and Corporate Affairs as external validation of Novavax’s maturing pipeline and potential broad applicability of its platform recombinant nanoparticle/Matrix-M adjuvant platforms. Duncan now has increased conviction in Novavax’s pipeline potential.