H.C. Wainwright analyst Vernon Bernardino lowered the firm’s price target on Novavax to $110 from $207 and reiterates a Buy rating on the shares after the company announced initiation of a Phase 2 trial for its COVID-19-Influenza combination and influenza stand-alone vaccine candidates in adults aged 50 through 80. The analyst is positive on advancement of the combination vaccine saying NVX-CoV2373 has demonstrated high rates of protection against COVID-19 infection, hospitalization and death, comparable to protection observed with mRNA-based vaccines. He believes Novavax is closest to a Biologics Licensing Application and potentially offering a combination vaccine for future global distribution. He looks for the company to realize $2.1B in initial annual sales of the combo vaccine and for initial results from the Phase 2 trial to serve as a catalyst in mid-2023.
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