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Novavax Analyst Says COVID-19 Vaccine Could Net $400M In Yearly Sales

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Novavax Analyst Says COVID-19 Vaccine Could Net $400M In Yearly Sales

Novavax, Inc. (NASDAQ: NVAX) shares are on a dream run this year amid catalysts including its COVID-19 vaccine program.

The Novavax Analyst: Vernon Bernardino reiterated a top pick Buy rating on Novavax and raised the price target from $50 to $101. 

The Novavax Thesis: Novavax's COVID-19 vaccine candidate NVX-CoV2373 is likely a sustainable long-term market opportunity, Bernardino said in a Monday note. (See his track record here.)

H.C. Wainwright held a virtual fireside chat with Novavax executives Thursday. 

The $388 million in CEPI funding for Novavax de-risks clinical development of the vaccine candidate, the analyst said. 

Novavax is capable of being a robust competitor against larger vaccine makers, likely helping it realize over $400 million in annual sales of NVX-CoV2373, he said. 

Discussions with former U.S. Health and Human Services and BARDA official Kevin Gilligan increased Bernardino's positive view on Novavax's prospects for realizing a near-term lucrative market opportunity as well as sustained commercial opportunity, the analyst said. 

"Gilligan concluded that multiple therapeutic approaches, including antiviral and antibiotic strategies, would be important for a near-term response to the pandemic." 

Gilligan said it's likely that booster vaccinations, new vaccines against mutated SARS-CoV-2 and antiviral and antibody therapies will be needed to prepare for future pandemics, the analyst said. 

Matrix-M and vaccine adjuvants in general are underappreciated, Gilligan told H.C. Wainwright. 

"In a situation where a significant percentage of the world's 7B+ population may need to be vaccinated, the potential of adjuvants to boost vaccine efficacy, and thus, be dose-sparing could be important if not enough CoV vaccine is available for global distribution." 

At last check, Novavax shares were adding 8.3% to $83.81. 

Related Links:

The Week Ahead In Biotech (June 28- July 4): Pending Clinical Readouts In Focus During A Short Holiday Week

Novavax Beefs Up Executive Team As It Sprints In The Coronavirus Vaccine Race

Latest Ratings for NVAX

DateFirmActionFromTo
Jul 2020Ladenburg ThalmannDowngradesBuyNeutral
Jun 2020B. Riley FBRMaintainsBuy
Jun 2020HC Wainwright & Co.MaintainsBuy

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