Brinson Patrick Reiterates Market Outperform Rating, $3 PT on Novavax on Strong Finish to 2012

In a report published Monday, Brinson Patrick reiterated its Market Outperform rating and $3.00 price target on Novavax NVAX. Brinson Patrick noted, “Novavax Inc. (NVAX) has three vaccine candidates in active evaluation in four different therapeutic indications and a fourth candidate expected to enter clinical evaluation in 2013. We look for topline data from the ongoing respiratory syncytial virus (RSV) Phase II and I studies in April and 2H13, respectively, CPLB's advancement of a rabies vaccine using Novavax technology into a clinical trial, as well as updates on the company's vaccine programs in foot-and-mouth disease, and malaria, to be drivers of the stock in 2013. We therefore reiterate our Market Outperform rating and 12-month price target of $3.” Novavax closed on Friday at $2.05.