B. Riley downgraded Novavax to Neutral from Buy with a price target of $10, down from $29. The company faces a potential liquidity challenge from the uncertainty around recent U.S. government contract amendment limiting extension beyond December 2023 and the ongoing Gavi arbitration claiming a refund for all or portion of the remaining advance payment amount, the analyst tells investors in a research note. The firm views Novavax as a "show-me story" until key strategy and execution milestones are achieved. Its cash flow analysis pushes it to the sidelines.
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