Novavax price target lowered to $11 from $12 at B. Riley

B. Riley analyst Mayank Mamtani lowered the firm’s price target on Novavax to $11 from $12 and keeps a Buy rating on the shares. The Gavi arbitration dispute being resolved via a five-year $425M payment schedule “removes a key balance sheet overhang earlier/better than investor expectations,” contends the analyst, who also believes the Street is overlooking the positive impact of recent cost-reduction measures and the company’s increased focus on two FY24 priorities.