BofA lowered the firm’s price target on Novavax (NVAX) to $10 from $12 and keeps a Neutral rating on the shares. Shares are sliding over 21% after a recent interview with the Secretary of the department of Health and Human Services Robert Kennedy Jr., in which he cast doubts on Novavax’s COVID-19 vaccine after the recent delay for the BLA approval. The firm sees the biggest near-term risk for Novavax as potentially missing out on the $175M milestone payment from Sanofi (SNY), which is triggered upon approval of the BLA. Though the firm sees the data package for Nuvaxovid as mature given millions of individuals have received the vaccine to date, it awaits further clarity on the impact to the approval process before the 2025/2026 season.
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