B. Riley lowered the firm’s price target on Novavax (NVAX) to $16 from $18 and keeps a Buy rating on the shares. Novavax’s Q3 top and bottom line results were ahead of the Street’s expectations, driven by increasingly diversified revenue streams, the analyst tells investors in a research note. The earlier-stage pipeline represents a second engine of value creation, notably four active programs — C. difficile, shingles, RSV combination, and pandemic flu, the firm adds.
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