Bank of America Securities analyst Alec Stranahan reiterated a Hold rating on Novavax (NVAX – Research Report) today and set a price target of $10.00.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Alec Stranahan has given his Hold rating due to a combination of factors surrounding Novavax’s recent developments. The approval of Nuvaxovid for certain age groups and individuals with underlying conditions has led to a significant milestone payment from Sanofi, which mitigates some near-term risks. However, the post-marketing commitments and the need for further trials are already accounted for in the company’s guidance, suggesting limited immediate impact on the stock’s performance.
Additionally, while the market for COVID vaccines remains substantial, especially among older populations, the stricter labeling may not drastically alter the market potential for Nuvaxovid. The upcoming VRBPAC meeting is expected to provide further clarity on vaccination recommendations, which could influence future market dynamics. Overall, while there are positive developments, the full potential of Novavax’s pipeline remains to be unlocked, justifying a Hold rating at this time.
In another report released on May 9, TD Cowen also maintained a Hold rating on the stock with a $9.00 price target.