Novavax price target lowered to $29 from $37 at B. Riley

B. Riley analyst Mayank Mamtani lowered the firm’s price target on Novavax to $29 from $37 and keeps a Buy rating on the shares. The analyst cites uncertain COVID vaccine market dynamics and the company’s lack of leverage on balance sheet and pipeline diversification for the target drop. However, these are largely baked in with the stock’s continued underperformance, implying "room for meaningful impact from appropriate strategic choices," the analyst tells investors in a research note.