JPMorgan downgraded Novavax to Underweight from Neutral with an unchanged price target of $8. The shares are up 267% since the announced strategic partnership with Sanofi for Novavax’s COVID-19 vaccine program, the analyst tells investors in a research note. The firm believes current share levels “substantially overvalue” the potential Nuvaxovid economics and revenue to Novavax. JPMorgan sees Covid vaccine demand ultimately being fractional to that of flu.