Novavax downgraded to Market Perform from Outperform at TD Cowen

TD Cowen analyst Brendan Smith downgraded Novavax to Market Perform from Outperform with a price target of $10, down from $55. The analyst sees "significant uncertainties" about the pending Gavi arbitration and commercial outlook for the company’s COVID-19 vaccine franchise. The firm remains constructive on Novavax’s "differentiated" adjuvant but says minimal penetration into the COVID market may limit the company’s transition into a major commercial competitor and puts funding for a deeper pipeline at risk.