Novavax Share Price Reaches New All-Time High
Shares of Novavax (NASDAQ: NVAX) reach 52-week high at $4.46, up 15.245% following Wedbush analyst Gregory Wade significantly raised the price target from $4 to $12.
Wade noted higher revised expectations on the RSV/ flu combo product format. The analyst noted that Wedbush's model predicts that sales from the combination launch of RSV-F vaccine in H2:18 in the US and H2:19 in Europe will reach nearly $1 billion by 2020. Wade added, "A combination RSV-F product would, in our opinion, be a superior preventative approach to prevent upper respiratory infections and as such, would be a significant competitive threat to the existing seasonal flu products, including the market leader, Sanofi, which had flu vaccines sales of $1.3 billion in 2012."
In August, Lazard Capital Markets raised their price target in Novavax from $4 to $11 noting that the RSV vaccine is "one of the most under-appreciated assets in the industry.”
Wedbush reiterated their Outperform rating. Shares of Novavax closed at $3.87 on Friday and are currently trading +13.69% at $4.40.
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