UPDATE: Wedbush Assumes Coverage on Noravax with Outperform Rating, Lowers PT as Stock Gears Up for Catalyst-Rich 2015

In a report published Friday, Wedbush Securities analyst Heather Behanna assumed coverage on

with an Outperform rating and $10.00 price target, down from $12.00. In the report, Wedbush Securities noted, “Novavax's analyst day next week should provide clarity on timelines for abusy 2015. Novavax is gearing up for three trials for its RSV vaccine program by year end; it has begun a proof-of-concept study for maternal immunization and will initiate studies in both pediatric and elderly populations. A dose confirmation study of its retooled quadrivalent flu vaccine will also be initiated this year; all four studies should read out data in 2015, driving value for Novavax.” Noravax closed on Thursday at $4.59.